Talos Energy Makes Waves as a Startup

spcblog, 26 November 2017, No comments
Categories: business, Industry

In a collective venture between Talos Energy of Houston, Mexico’s Sierra Oil and Gas, and the London-based Premier Oil, the first offshore oil well in nearly 80 years, has made its way to Mexican waters. This new deal further confirms Mexico’s commitment to allowing foreign competition within its energy market. Prior to the launch of the drilling on May 21st, Petroleos Mexicanos, had been the only company to partake in drilling within the country’s waters since 1938, when Mexico decided to nationalize its oil industry. The three companies won the rights to drill at the Zama-1 well in the Sureste Basin in 2015, and in what is expected to take up to 90 days, will produce between 100 million to 500 million barrels of crude oil. Elaine Reynold’s, an analyst at Edison Investment Research, based in London, recently went on record to discuss the watchful eye that the industry will be placing on the drilling taking place at the Zama-1 well. She further added that the basin’s structure signifies a good sign in regards to the success of the drilling. As Talos Energy is the operator of the well, it owns a 35% stake, while Sierra and Premier hold a 40% and 25% stake respectively.

Talos Energy was started by Tim Duncan and his partners with $600 million in equity and assets gained after the selling of their former company, Phoenix Exploration, to Apache Corporation in 2011. In February of this year, Talos Energy acquired a subsidiary of Helix Energy Solutions, spending $620 million, and after a very lucrative year is currently in the market to further grow the company. Mr. Duncan’s employees insist that, because Talos Energy is not yet a giant in its field, particularly when compared with Apache Corporation, having such an intimate setting allows a more entrepreneurial feel than what a larger firm could provide.

Facebook: https://www.facebook.com/talos.energy/

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