In the recent past, Mexico’s economy has been skyrocketing to considerable heights. Judging from the records, it’s clear that the business sector and natural resources are among the few triggers of the thriving economy. Indirectly, the move by the government to allow private and foreign companies into Mexico has impacted the economy positively.
The recent move by the government on investment has outwardly benefited the oil drilling industry. For the past 80 years, no private company has had a chance to grasp a share of Mexico’s energy market. The new idea saw Talos Energy enter into a partnership with a London-based oil company and Mexico’s Sierra Oil & Gas drilling. The joint venture initiated its drilling on May 21st.
Previously, Petroleos Mexicanos, a state-run monopoly used to carry out all the offshore explorations. Therefore the newly established project stands out as one of a kind. The project dubbed ‘The Zarma-1’ is located in the Sureste Basin, Tabasco. Professionals managing the project suggest that the well is expected to produce about 500 million barrels of crude oil. By estimation, the project will run for the next three months at the cost of $16 million. Reliable sources say that Talos Energy owns 35 percent of the venture. Sierra holds 40 percent stake while Premier holds the remainder.
About Talos Energy
The history of offshore exploration and production will always remain incomplete without mentioning Talos Energy in between the paragraphs. Talos Energy is an independent oil and gas company. Over the past few decades, the company has continued to dominate the game with the aid of talented management team that holds more than the required experience.
Before starting out Talos Energy, the team behind the company successfully launched and sold Phoenix Exploration Co. Besides, they also built and sold Gryphon Exploration Co. both of which have continued to deliver notable returns. Talos Energy is owned by Apollo Global Management, Riverstone Holdings. Talos engages in business development activities such as JVs and farm-ins where they can utilize their seismal inventory to skyrocket the economics of the transactions.