For the first time in eighty years Mexico is allowing a foreign country to attempt oil retrieval from their waters. For the past 80 years Mexico has not allowed outside sources to provide off shore oil drilling. Petroleos Mexicanos has been the only oil company drilling in Mexican waters since 1938. There is an estimated one hundred million to five hundred million barrels of crude oil in the Zama-1 well off the coast of the state of Tobasco in the Sureste Basin. Talos Energy, Premier Oil and Sierra Oil & Gas have teamed up for this joint venture to begin offshore drilling of the Zama-1 well. The Mexican government will be closely watching this drilling expedition since it is the first opened to foreign drillers in an effort to advance oil reform. Talos Energy has a 35% stake in this drill and is the operator of the well. Premier holds 25% and Sierra holds 50% of the stake.
Talos Energy has been voted as one of the best small businesses to be employed by. They live by a work hard and play hard motto. Talos incorporates on-site day care for their employees as well as Friday happy hours. Talos believes in treating their employees like they matter and they frequently ask their staffs opinions and ask them to bring their best ideas to the table. Talos is an independent oil and gas company that was founded in 2012. Talos services the gulf coast with drilling ventures and is headquartered in Houston Texas.
Talos’ management team is comprised of members who previously built and sold private equity backed companies. Gryphon Exploration and Phoenix Exploration were the private equity backed companies that provided significant returns to their investors. The management team has a proven track record of using progressive techniques to produce extensive portfolios in exploration and production investment opportunities.