Talos Energy and Partners Benefit From Mexican Oil Industry Reforms
The Mexican oil industry has seen a significant step since its nationalization 80 years ago. The country has loosened its tough policies to allow private firms engage in oil mining business, a move that has resulted into a new offshore oil well being drilled by a foreign company. The first venture since 1938 involves a collaborative effort by Talos Energy, Premier Oil Plc and Sierra Oil and Gas.
According to Premier Oil Plc, a reputable London-based mining company, the Zama-1 well has the potential to generate between 100 million to 500 million barrels of crude oil. The well, which is located in the Sureste basing off the popular state of Tabasco, will take around 90 days and a cost of $16 million to complete. The three collaborators in this project are reportedly among the first private investors to benefit from the Mexican oil industry reforms.
Elaine Reynolds, an analyst from Edison Investment Research Company, has reportedly hinted that the project shall be closely monitored by relevant industry stakeholders. Similar thoughts have also been echoed by Charlie Sharp, another senior analyst from Canaccord Genuity Ltd. Talos Energy, Sierra and Premier holds 35%, 40% and 25% shares respectively in the Zama project.
About Talos Energy
Headquartered in Houston, Talos Energy is an experienced oil and gas company and specializes in offshore exploration and production. The organization, through its collaborative approaches, boats of clear tract record that entails tangible deliverables.
Since its inception, the company has continued to grow into a reputable global oil and gas drilling firm. Talos Energy is affiliated to reputable organizations including Apollo Global Management, and Riverstone Holdings, LLC. Under innovative leadership, the firm has made significant acquisitions in the recent past in a bid to expand its operations. The firm has reportedly sealed a deal worth $620 million with Helix Energy Solutions Group in exchange for Energy Resource Technology Inc: oil and gas subsidiary.
According to Tim Duncan, the Chief Executive Officer and president of Talos Energy, the recent acquisition brings a unique addition to the organization’s asset-base. Talos’ leadership strongly believes and remains committed towards corporate social responsibility. The company offers all its employees an allowance of $500 which they can use to support any humanitarian organization of their choice. In addition, the firm organizes quarterly charitable community events intended to support the local residents.
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