The oil and gas exploration business is about to experience a potential game-changing development, as a result of a near 80 year old Mexican ban on offshore drilling in their waters by foreign companies having been recently lifted. In a joint venture, Houston-based Talos Energy and Mexico’s Sierra Oil and Gas began drilling operations in the Sureste Basin, off the State of Tabasco, with potential reserves estimated at 100 to 500 million barrels of crude.
Talos Energy, LLC, is a privately held oil and gas company formed from the fallout of the last financial meltdown. In the best “silver-lining” tradition, president and CEO Tim Duncan has expertly parlayed various acquisitions and research data since that time to ultimately position his company as a leader in a very competitive field. The company is backed by funds affiliated with the private equity giants Apollo Global Management,LLC and Riverstone Holdings, LLC. Most of the company’s exploration and drilling experience has been in the Lower Gulf coast and Gulf of Mexico regions, so they are eminently qualified to expand into the unexplored Mexican waters.
According to various employees at Talos Energy, the corporate atmosphere is very dynamic and invigorating. There is a healthy entrepreneurial spirit that compels even happily retired geoscientists to get back in the game, since the overall goal is to ultimately add value to the company. Somewhat unique in today’s start-up culture, the workplace rewards aren’t perks like Friday happy hour, or on-site day care, but the real,tangible satisfaction of contributing to a growing company where talent at all levels is rewarded, and all ideas are on the table.
With Mexico now motivated by recent economic setbacks in their state-run oil industry, the the subsequent opening of their waters to foreign exploration and drilling puts Talos Energy at the forefront to reap the vast potential rewards.
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