In the last 80 years, not one single non-Mexican oil company has been allowed to sink an offshore well in Mexican waters. Not since Mexico’s oil industry was nationalized in 1938.
That changed last month, however, after a joint venture between two non-Mexican companies and Mexico’s Sierra Oil & Gas was allowed to start drilling. The three bid on the rights to do so and were the first consortium to have their bid accepted.
The other two companies — the United Kingdom’s Premier Oil Plc, and American company Talos Energy LLC — and Sierra Oil & Gas began their exploration for oil with new drilling beginning on May 21st.
The trio are drilling in the Sureste Basin, an area close to the Mexican state of Tabasco, and one that is estimated to hold up to 500 million barrels of crude oil.
The drilling is expected to last up to three months, with analysts believing the way the Sureste Basin is structured means their is a very high chance of success.
Houston-based Talos Energy owns 35 percent of the project, with Premier Oil owning 25 percent and Mexico’s Sierra owning the other 40 percent.
Talos Energy is still a small company and has only been in existence for a few years. In that time, however, the company has managed to raise $600 million in equity, has a team of 60 professionals on the payroll in its home state of Texas, and another 60 employees working on the Gulf Coast.
Talos Energy is also making a name for itself, not only as it is growing fast, but also because it believes in treating its employees well.
On-site daycare is already offered, Friday happy hour is something employees quickly learned to enjoy and every member of the company’s staff, right down to the receptionists, are able to share in the profits.
The company is also projected to grow even faster after buying oil and gas subsidiary Helix Energy Solutions earlier this year, and is now looking at other companies it can possibly add to its stable.
No wonder Talos was successful in its bid to persuade the Mexican government to allow it and its two partners to drill for oil in Mexican waters. It seems to succeed in everything it does.
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