As Mexico seeks to reform its oil industry and rekindle the flame under its energy markets, the state has officially allowed foreign operators to drill in its territories for the first time in decades. The new operation in the spotlight is a joint venture between Sierra Oil and Gas, Talos Energy, and the London firm Premier Oil. No company other than Petroleos Mexicanos, a state-run operation, has had an opportunity to drill in Mexican waters since 1938.
The area being drilled is within the Sureste Basin and has caught the intrigue of many resource experts across the globe, due to its unique geological layout and chances for a successful operation. Talos Energy will handle the actual on-site activities and drilling is expected to take approximately three months. Estimates show up to 500 million barrels of crude being acquired, with a total cost of $16 million to Premier Oil. The opportunity was sold off to the foreign venture in 2015 and more
Results of the drilling operations will have a major impact on Mexico and the energy markets in its economy. The country has recently struggled with creating profitable energy ventures, and poor market performance has been the driving force behind opening up business to other outside firms once again.
Talos Energy is a natural resource exploration company that is based in Houston, Texas. First established in 2012, the company’s close proximity to the Gulf Coast has given its team of experts considerable experience regarding the geology and potential of the area. Talos Energy was created by a group of highly knowledgeable investors who were behind the founding of Phoenix Exploration and Gryphon Exploration, two companies that were immensely successful and have since been released for sale.
The drive behind Talos Energy revolves around its workforce. Investors and scientists along with the technicians who operate drill sites are all committed to optimize the performance of Talos Energy while observing laws and regulations and remaining considerate of the venture’s environmental impact. Talos Energy strives to recover natural resources using their relevant proprietary scientific data and the most advanced acquisition techniques available on the market.