There are few things on this planet more valuable than oil. The black substance is the backbone of many industries. So it makes sense that there would be an oil well wherever people think it may be hidden. Some countries guard their potential oil deposits from foreign competitors via laws and regulations.
Mexico was one such country until its recent oil reform. The country has decided to let a private company develop a new offshore oil well in its waters. This will be the first time Mexico has allowed a foreign competitor in its energy market in over 8 decades. Prior to the new oil reform Pemex, a Mexican state owned petroleum company, was the only company to launch an offshore exploration well since the country’s expropriation of all foreign competitors.
The project came to be because of a collaboration between three major oil and gas companies after winning bidding war for the prospect 2 years ago. Earlier this year Premiere Oil, Talos Energy, and Sierra Oil and Gas began drilling. Each Company hails from a separate continent which makes the joint venture even more interesting. The entire industry will be paying strong attention to the well.
The drill site is estimated to possess hundreds of millions of barrels of crude oil. The drilling will reportedly last at least 3 months, costing each company millions in the process.
About Talos Energy
Talos Energy is a private oil and gas company based in Houston, Texas. It was founded in 2012 by Tim Duncan and his partners and mainly focuses on prospects in Gulf of Mexico and Gulf Coast. It is known for it acquisition and exploitation of oil and gas properties.
This year the Houston Chronicle named the small company as a Top Workplace. As far as small companies go none is more profitable than Talos Energy in the oil and natural gas industry.
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