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Major changes are coming to the Mexican oil industry. A market that was once barren of any foreign investment and competition, is now allowing a private well to be drilled by a joint venture of, London-based Premier Oil, Houston’s Talos Energy, and Mexico’s Sierra Oil & Gas. This marks the first time in over 80 years that a foreign based entity will be drilling in Mexican waters.
One of the three companies in the joint vesture, Talos Energy, is a Houston based oil company, which was formed recently by investor Tim Duncan and his business partners. Talos Energy has over half a billion dollars in equity from previous financial bakers and has grown tremendously over the past couple of years.
Talos Energy recently has purchased Helix Energy Solutions, and is looking to make more moves in the future. The large growth can be attributed to a variety of factors, but many point towards leader Tim Duncan, who has created an open atmosphere in the workplace and offers many employee perks, despite being in the middle ground in terms of compensation.
Along with London-based Premier Oil, and Mexican-based Sierra Oil & Gas, Talos Energy will be drilling well named Zama-1, which is located in the Sureste Basin off the coast of the Mexican state of Tabasco. This well holds an estimated 100 million to 500 million barrels of oil. Talos Energy is the operator of the well, Zama-1, which holds 35% of the stake. Premier Oil holds the lowest stake in Zama-1, with only 25%, while Sierra Oil & Gas holds the majority of the stake, at 40%.
The feasibility of large oil production has garnered excitement in the global oil community, and has potentially opened the door for future drilling in Mexican waters by foreign companies and joint ventures. Simply put, Elaine Reynolds, an analyst for London-based Edison Investment Research ltd. stated, “As the first non-Pemex well to be drilled since the opening up of Mexican waters as a part of the country’s energy reform process, this well will be keenly watched by the industry.”
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