The Mexican waters have been far outside the reach of private companies. It has been close to a century since any private oil drilling, or exploration company was able to navigate into the Mexican oil rich waters. The 80-year long wait has finally come to an end, and private oil corporations are setting sail to venture into the profitable oil market. The Mexican government through changing the policies regarding the country’s its oil wells are pushing for foreign investors to support its energy markets.
The key companies that have been able to achieve this milestone include; the Premier Oil Plc that has its headquarters in London, Mexico’s Sierra & Gas together with Talos Energy that is based in Houston. The companies started drilling the well back in May as per the reports released by Premier Oil Plc. Since 1938, when the Mexican government nationalized the country’s oil industry, this is the first time private companies are venturing in oil and gas exploration in Mexico’s jurisdiction, breaking the monopoly that has been long enjoyed by the country’s backed oil corporations.
The well being drilled by these companies hold a maximum of 500 million barrels of crude oil as per Premier Oil Plc. Drilling is set to run for 90 days at the cost of $16 million. Talos Energy and its exploration associates won the drilling rights of the Zama-1 well back in 2015. The events leading to this was a failing oil industry, the Mexican government saw it fit to open up its oil industry to private investors who would bring in the needed capital and infrastructure to revive the industry.
Talos Energy is an oil drilling and exploration company that has interests in the energy sector. The energy company has more than $600 million in equity from the firm’s previous backers before Talos Energy was established.
Talos Energy had its headquarters in Houston and was established during the height of the financial crisis that swept across the globe. According to Workplace Dynamics, Talos Energy is one of the best American companies to work for. Other than providing day care services for working parents, the staff at Talos Energy get to enjoy Friday happy hours.
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