Mexico recently opened up the oil and gas sector to the private sector. The policy reform opened up the space to foreign investors who are flooding in to capitalize on the opportunity created. In close to eighty years, the first new offshore well has been sunk. By an outfit other than the state-controlled Pemex.
Sierra Oil & Gas, Premier Oil, as well as Talos Energy, literally hit the ground running starting a three-month drilling operation on May 21. Premier is an established and publicly-traded UK-based oil and gas company that has inked twenty-five percent of the deal and Sierra is a relatively new and privately-held Mexican player with a forty percent stake.
Talos Energy is a privately-held oil and gas firm based in Houston, Texas. The company takes up the remaining thirty-five percent of the venture. The offshore oil well, dubbed Zama-1, could yield up to five hundred barrels of light crude oil. It is located in Sureste, off Tabasco. The Port of Dos Bocas is about thirty-seven miles out.
Experts are keeping a watchful eye on the venture that is predicted to be one of the most lucrative in decades. Talos Energy is expected to operate the oil well. The CEO and President, Timothy Duncan established the company in 2012. He got a little help from Riverstone Holdings and Apollo Global management who boosted the equity by $600 million.
The firm specializes in exploratory activity and exploitation of the production of oil and gas assets. It has interests in Texas, the Gulf Coast and the Gulf of Mexico among other regions. The management team has a proven record of hitting the black gold with impressive results. They are the group behind Phoenix Exploration and Gryphon Exploration, two privately-held energy companies they built and optimized to significant returns before offloading them.
The decades of experience are now harmonized at Talos Energy, and nothing short of spectacular is expected. The team is committed to building a top-rated, lean business that performs beyond expectations. Talos Energy leverages cutting edge technology and pioneering methods to drive growth. This goes beyond equipment and rigs down to the data. Comprehensive research and data analysis enable the company to extract oil and gas assets at a fraction of the cost and reduced risk.
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