In 2015, Talos Energy from Houston, Premier Oil Plc from London and Sierra Oil and Gas from Mexico collaborated and drilled the first private exploration oil well in Mexican waters. That has been unheard of for the past 80 years. Mexico voted to open its ailing oil industry to private investment which in turn led to the three companies winning the rights to the prospect. The well located in Sureste Basin in Tabasco holds close to 100 to 500 million barrels of crude oil. It was closely watched by the oil industry because it was one of the most captivating exploration wells to be drilled at the time.
Drilling was expected to achieve high success due to the structure of the basin. The drilling was supposed to take 90 days and cost $16 Million. Highly skilled personnel from Mexico and The United States worked together efficiently to ensure the venture was successful. Talos energy owned a 35 percent stake in the enterprise and was the primary operator of the well while Premier held 25 percent and Sierra 40 percent. The venture created local jobs and generated revenue for the Mexican government.
Tim Duncan and his partners founded Talos energy with $600 million equity from previous investors. He is the C.E.O of the company. The company has assets in the Gulf of Mexico and a team of not less than 60 professionals. Its headquarters are in Houston. Talos Energy’s primary objective is exploration and acquisition of oil and gas. Talos Energy was named the best workplace among small businesses in 2013. Talos Energy in 2013 acquired helix Energy Solution for $620 Million. Talos energy also finalized the acquisition of Energy Resource Technology in 2013. The company is rapidly growing.
Tim Duncan values interaction with employees and encourages them to offer their best ideas to help grow the company. Talos Energy is keen on discovering and drilling more exceptional wells. A liner has been set by Talos Energy to protect discovered reservoirs. The company’s commercial manager Ash Shepherd was in 2016 awarded for his leadership skills. He was instrumental in signing the first two production sharing contracts that led to Constitutional Energy Reforms.