The Mexican government has been the sole player in the country’s oil trade. But, all is about to end now. Talos Energy, a private firm is shining in the industry. The results are after the government approval of foreign companies to take part in the trade.
Talos Energy is engaging in the partnership with Mexico Sierra Oil and Gas with Premier Oil Plc. The three firms are launching an offshore exploration. In the past, Petroleos Mexicanos, the state-run monopoly firm has been doing these operations since 1938.
The partnership between the three firms is very advantageous to them. They are now in a position to share the expenses and resources together. The companies brainstorm on various ideas ensuring all the ideas pass the different scrutiny levels at the boardroom. As such, the businesses only implement the best available alternative.
The cost of investment regarding time and resources is also very high. Drilling crude oil from the Zama-1 basin will consume more than $16 million. The drilling exercise will take the Talos Energy firm ninety days to complete. Once complete, the reservoir can produce 100 to 500 barrels of oil.
Tim Duncan is the chief financier of the project. He has contributed slightly over $600 million towards the entire exercise. With such a massive investment from a single investor, you can see how profitable the venture is.
In the growth plan, Talos Energy has acquired all the assets that the Gulf of Mexico owned. Before the takeover, Gulf of Mexico was producing over 16000 barrels of crude oil in a day. Alongside the assets, Talos energy also acquired the staff, pushing the employees of the firm to 120.
The Talos Energy LLC has received some awards for its role in running of small enterprises. Duncan, the CEO of firm advocates dedication and teamwork as the main reasons for success. The management feels that they have made the right investment in the staff they have. These include receptionists, geoscientists, and the general staff.
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