Talos Energy’s Big Step Forward In The Energy Market

In May of 2017, an offshore oil well was discovered for the first time in almost 80 years. Three oil companies named Premier Oil, Talos Energy LLC, and Sierra Gas and Oil have all taken part in this discovery. The last offshore oil well to be discovered in Mexico was found by Petroleos Mexicana in 1938. Scientists believe that this is a big step forward in the energy markets.

The oil well discovered in named the Zama-1 well. It is located in the Sureste Basin near the state of Tabasco, Mexico. It is believed that the well holds anywhere from 100 million to 500 million barrels of crude oil. The drilling of this well will take up to almost three months and will cost Premier Oil $15 million. All three oil companies that decided to partake in this project gained prospects after Mexico opened its ailing oil industry to private investment. Talos Energy is the operator of the well and will receive 35 percent. Premier Oil will receive 25 percent and Sierra Oil and Gas 40%.

Talos Energy, an operator of the Zama-1 Well project, is an oil and gas company based in Houston, Texas. Talos was developed by a man named Tim Duncan. Prior to Talos Energy, Tim was working with a small equity-backed company. In 2011, a company named Phoenix Exploration had doubled the size of Tim’s company and sold it to Apache Corporations. Due to this Talos Energy was then developed with $600 million in equity.

Talos Energy finds it useful to work in the Gulf of Mexico and the Gulf Coast. Here they have a mission to acquire, explore and exploit the basin using their seismic database and reprocessing techniques. They believe that controlling their production enables them to apply leading practices to aspects of their operation. Using these leading practices will then allow them to improve production and increase hydrocarbon recovery. Talos Energy believes that as an energy company they must commit to keeping the environment safe and healthy. Their practices and accomplishments have proved them to be one of the most successful energy companies.

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