A partnership Houston’s Talos Energy LLC and two other well-known companies is focusing exclusively on bringing the first offshore oil well in Mexican waters that hasn’t been constructed by a government run company since 1938. Since that time, many years ago, only Petroleos Mexicanos, has constructed offshore wells, but this move to let foreign companies back into the picture is changing the oil industry in Mexico. The new well, which is located in the Sureste Basin, can hold up to 500 million barrels of crude oil and should take up to 90 days to finish. The partnership of companies won rights to construct the offshore well after their bid was recognized by Mexico.
The well is expected to be watched very closely; especially as it is the first non-Pemex well to be built in quite some time. It has a high chance of succeeding, and many people are interested in how this will effect the market in Mexico. While Sierra Oil & Gas and Premier Oil Plc hold %65 of the stake for the offshore well, Talos, alone, holds the remaining %35.
Talos Energy is a gas and oil company that is independent. Its management team has years of experience in exploring and exploiting opportunities offshore. The company has a strong track record that spans over a decade and looks to continue doing more of the same. Its rapid growth and survival in a competitive industry is due to the fact that the company is committed to environment, safe work practices, and always staying on the cutting edge of its industry.
The CEO of Talos Energy, Tim Duncan, and his partners put together the company with $600 million from assets they already had and money from backers. Talos has been named one of the top places to work almost every year since its existence. Duncan has said that the company runs more like a family and that everyone in it has each others back. Because it is a privately held company, the best people to make decisions for its future are the very people who work for it.
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