In May of this year, Talos Energy joined forces with London-based Premier Oil Plc and Mexico’s Sierra Oil & Gas to drill the first non state-run oil well in Mexican waters in almost 80 years. The well is anticipated to produce between 100 and 500 million barrels of crude from the Sureste Basin. Located approximately 37 miles off the Port of Dos Bocas, Mexico, the Zama-1 site will be drilled by the floating rig Ensco 8503. Sitting on 546 feet of water, it is expected to reach a depth of 11,000 ft. Drilling began on May 17th, and is expected to take up to 90 days to reach its goal.
The state-run Petroleos Mexicanos had held a monopoly on all oil exploration in Mexican waters since 1938, but recent economic factors encouraged the country to open the industry to foreign developers. Talos and others hope to capitalize on what will surely be a closely observed joint venture.
After building and profitably selling Phoenix Exploration Co. and Gryphon Exploration Co., the management team founded Talos Energy in 2012. Headquartered in Houston, the company explores, exploits and optimizes oil and gas assets in the Gulf of Mexico. Their goal is safe, environmentally compliant operations. They maintain these standards by continuously looking for new and better ways to operate.
Founder, President and Chief Executive Officer Tim Duncan has established himself as leader in the industry with an impressive resume that includes a BS in Petroleum Engineering from Mississippi State University, and an MBA from the University of Houston. He also serves on the board of the College of Engineering Dean’s Advisory Council at MSU, and in 2012 was named as Distinguished Fellow of the College of Engineering.
Talos Energy was chosen by the Houston Chronicle as the #1 workplace in the area in 2013, and has maintained a top position ever since.