In almost 80 years, the Mexican government has not allowed foreign competitors to be apart of the Mexican energy market. However, with the joint assistance of Premier Oil and Talos energy, a private corporation has established an oil well in Mexican waters. On may 21st they began drilling and for the first time since 1938 established an offshore venture that was not owned or affiliated with the national oil monopoly, Petroleos Mexicanos. It is said that the total time of the drilling will take place in about 90 days and be worth a massive $16 million in oil. The well is estimated to have the capacity to store about 100 million to 500 million barrels of crude oil. Due to the structure of the basin, it is assumed that the well has a solid geological opportunity to succeed. Considering what this implies for the Mexican oil and energy markets, the well is said to be one of the most intriguing to be developed this year and read full article.
Talos is in charge of operations for the well and possess a 35% stake in the business endeavor. Tim Duncan is the CEO of Talos and hopes to build great businesses everywhere just the way they have in the US with companies like Shell and Chevron. Talos is an expanding and private upstream oil and gas corporation that believes in creating opportunity and finding potential everywhere. They are dedicated to discovering and exploiting natural gas and oil in the most effective and productive way. Their main interest for exploration are in the Gulf Coast and Gulf of Mexico regions with focus on the acquisition of these all natural oils and natural gases. They are dedicated to this new offshore venture in the Mexican market and are honored to be the first corporation in over 80 years to penetrate the highly monopolized and regulated Mexican oil market. While they own 35% of the venture, Sierra holds 40% and Premier, 25%, making this a joint effort and business partnership between massive energy companies and what Talos Energy knows.
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