Houston based Talos Energy recently entered into a joint venture with Premier Oil, Plc and Sierra Oil and Gas. This partnership was formed to establish an offshore oil well in Mexican waters. The last time a private company sunk a well in Mexican waters was nearly 80 years ago.
Mexico’s, Sierra Oil and Gas holds a 40% stake in the venture while Talos Energy owns 35% and London based Premier Oil, Plc has 25%. Drilling began on May 21 on the Zama-1 well, located off the state of Tobasco in the Sureste Basin. This well will hold between 100 million and 500 million barrels of crude.
The three companies successfully bid on the project after the Mexican government voted to open up drilling to private investment. Since nationalizing its oil industry in 1938, the state run Petroleos Mexicanos (Pemex) has been the only company allowed to do any offshore oil exploration in Mexico.
Talos Energy, under the leadership of President and Chief Executive Officer Timothy Duncan, focuses on offshore exploration and production in and around the Gulf Coast and Gulf of Mexico regions. Duncan and his team of professionals have earned Talos a reputation as an innovator in the industry as well as being responsible members of the community.
Technological innovations include seismic 3-D data mapping of approximately 33,000 square miles of the Gulf of Mexico and onshore Louisiana. Utilizing this data, Talos optimizes drilling opportunities by reducing exploration and operating risks. This allows Talos to better manage costs and maximize exploration in optimal drilling locations.
The Talos Energy Health, Safety and Environment (HSE) program places the safety, health and welfare of employees, contractors, visitors and the public as their number one priority with a goal of zero HSE incidents always at the forefront. Corporate involvement in the community is extensive, benefiting many organizations in the community. Employees are given $500 to contribute to the non-profit organization of their choice. Initiatives like these are among the reasons why Talos Energy has received awards for being an outstanding place to work.