Recently, Talos Energy teamed up with London based Premiere Oil, and Mexican based Sierra Gas and Oil to drill a non government run well in Mexico’s Sureste Basin on the coast of Tabasco. The Zama-1 well is the first well not drilled by the, Petroleos Mexicanos, a government run drilling company, in an attempt to help revitalize the economy by offering foreign investment opportunities.
The Zama-1 well is supposedly oil rich with up to 500 million dollars worth of crude oil waiting for drilling. The process is said to take up to 90 days, costing Premiere Oil an estimated $16 million to complete. The bid was won in 2015 after the first round of open bidding. Outside companies will be watching the drilling process and total oil garnered from the Zama-1 closely according to industry sources. The total stakes are as follows: Talos Energy, the operator of the well hold 35%, Sierra Oil holds 40%, and Premiere Oil holds a 25% stake in the drill venture.
Talos Energy was started by Tim Duncan and his partners after amassing a $600 million dollar start up from previous investors. The owners of Talos Energy have a unique structure to the business and that pays off with the staff they employ. Every employee, whether it’s a geoscientist or receptionist have an actual stake in the company. The owners state the the risks lie with them and the rewards with the employees. Their Facebook Page.
This frame of mind seems to be working as Talos Energy has been expanding, from 15 employees up to 120 currently. Talos Energy has been named as one of the best small businesses to work for according to Workplace Dynamics. Talos Energy has been acquiring gas and oil subsidiaries such as Helix Energy Solutions, which have put Talos Energy in the position for more growth in 2017. To read more about Talos Energy, please click here.