For many years Mexico did not allow anyone but the state-owned company, Petroleos Mexicanos, explore or drill for oil in its offshore oil fields. It was way back in 1938 that the Mexican company had nationalized the oil industry. In the past few years this has slowly changed and the result is that in 2017 a partnership of three private companies has now been allowed to explore the oil fields and drill an offshore oil well in the waters of Mexico.The partnership drilling this oil well is international. There is an American company involved, Talos Energy LLC. There is also a company headquartered in London involved which is Premier Oil Plc. Finally, there is a Mexican company as one of the partners which is Sierra Oil & Gas. Each partner has specific duties to perform.
Premier Oil, for example, is drilling the exploratory well while Talos Energy will manage the oil well once it is completed.The new well is located in the Sureste Basin. This area holds a large amount of oil, anywhere from 100 million to 500 million barrels worth. Drilling the well should take 90 days, according to Premier Oil. The well has been called one of the most interesting projects currently happening in the oil industry by industry analysts.Talos Energy is a privately held company which is based in Houston, Texas. It has about 120 employees located in both Houston and the Gulf of Mexico.
One organization, WorkplaceDynamics, has called it one of the best small businesses to work for in the region. While the compensation they offer is standard for the industry what is unusual is that the employees were given an equity stake in Talos Energy. If the company succeeds they share in the financial awards.In 2013 the leaders at Talos Energy made a critical acquisition that boosted the company’s success. For $620 million they acquired another company in the industry, Helix Energy Solutions. This led to Talos Energy earning about $500 million that year and continued success in the years since. It continues to be financially backed by two private equity organizations, Riverstone Holdings and Apollo Management.