The Mexican waters are seeing the first new offshore oil well in only twenty years shy of a century. Competitors from foreign nations are finally making their way back to the energy markets due to Mexico’s new policies. Talos Energy has entered into a partnership with Premier and Sierra Oil to drill the new well. The oil industry within Mexico was nationalized in 1938 and this well will bring new possibilities to the country.
The well has been named Zama-1 and is located in the Sureste Basin. Estimators believe they can tap into between 100 and 500 million barrels. The cost of the ninety day drilling expedition is $16 million. The bidding giving companies the right to drill began in 2015 and the industry will be keeping a close eye on the results. The experts in the industry believe there is an excellent chance of success with this particular well due to the location. Talos Energy has a 35 percent stake in the outcome of the new well.
Talos energy was the creation of Tim Duncan along with his partners and the company began with assets worth $600 million. The company now employs 120 workers in comparison to the original fifteen. Talos is considered the best small business to work for due to the numerous and enjoyable perks they offer to their crew. Although the crew works incredibly hard they get to have fun on Friday’s with happy hour and the workers with children are able to take advantage of day care available right on-site.
Although the company has not yet been able to provide top of the line compensation for their employees, their benefits stand firmly in the middle regarding the other companies. One of the main perks offered by Talos Energy was an idea created by Duncan and his partners. Part of the equity of the business is being given to all of the employees including receptionists and geoscientists located at their office in Houston, Texas. Although there is some risk the hardworking talent has substantial rewards to gain and the management is willing to absorb any risk factors.