The Mexican government denied private companies the right to drill for oil in the waters along their coastline. Since 1938, when the Mexican oil industry was nationalized, only Petroleos Mexicanos could drill for oil. However, the Mexican government changed its policy and allowed private companies to compete in their oil market. The first private company give the right to drill was Talos Energy.
Talos Energy teamed up with Premier Oil PLC out of London and Mexico’s Sierra Oil and Gas. They began drilling in May off the coast of the state of Tabasco along the Gulf of Mexico in southern Mexico. In July, the company announced a major find. The Zama-1 well, as it is called, may have over two billion barrels of oil lying in shallow waters beneath the Surest Basin.
Talos Energy is headquartered in Houston, Texas and was founded in 2012. Since that time it and had grown rapidly. Even though it is still considered a small company, it is quickly becoming a leader in the oil industry. Acquiring the rights to drill off the Mexican coast is just another step in its climb to success. To know more about Talos Energy click here.
It is a smaller company compared to other companies in the oil industry, but its management team brings many years of previous experience. Tim Duncan is the president and chief executive. He and his team are focused on the company’s success by initiating new and innovative methods to get the job done. Zama-1 is an important step in the success of the company, and each employee knows that if the company succeeds, they succeed.
Although success is important, the team at Talos Energy is concerned about the environment as well. The company is determined to implement sound environmental practices, thereby protecting the coastline and the waters in and around the well. Talos Energy is committed to doing the job and doing it well.