The Sureste Basin may be home to as much as 500 million barrels worth of oil, but we just don’t yet know. The reason being because private companies have not been allowed to drill there for almost 80 years. They have been excluded because the government of Mexico nationalized the oil and gas industry a very long time ago. They permitted only their own state-run company to do any drilling or oil business in that area. It is something that has frustrated the industry for a long time, but now things are changing.
In 2015 the people of Mexico voted to allow private companies to get a shot at drilling in the Gulf Of Mexico. Following that vote, there was a bidding process in which private companies competed with one another for the opportunity to drill there. Talos Energy was among the three companies that won the right to do so.
Talos Energy partnered with Sierra Oil and Gas as well as Premier Oil to get a drill going down in the Sureste Basin. Talos itself owns 35% of the drill while Sierra has 40% and Premier the remaining 25%. This means that all three partners have a very big vested interest in this project working out well for them.
Talos Energy is an independently owned oil company looking to make a big splash with this project. The company is definitely position for more growth in the future, and this could be the first step towards those goals. They look for unique opportunities like this in order to make money. They have worked on plenty of projects in the Gulf before and want to see this one work out as well.
The employees of Talos will tell you that it is a great place to work. They have seen how the corporate culture rewards them, and they have seen how the company has plenty of room for growth and advancement. It is an exciting place to work and those who do their jobs well are frequently rewarded for those efforts. Therefore, it is a good thing this was the type of company selected to work on such a sensitive and important project.
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