Oil as a fossil fuel plays a crucial role in our everyday lives. For over eight decades the oil industry in Mexico has been State-run making it very hard for foreigners to gain entry into this lucrative energy market. Recently, the country made a bold move of permitting foreigners to do business in the oil industry. As a result of this new development, several players have positioned themselves strategically to take advantage of the opportunity.
Some of the oil industry heavyweights that are ready to reap from the liberalization of the oil industry in Mexico include Talos Energy. Under a joint venture with Mexico’s Sierra Oil & Gas and Premier Oil Plc from London, Talos Energy premiered its operations in Mexico by drilling an offshore oil well on May 21.
The offshore well named Zama-1 is located in the Sureste Basin off Tabasco State. The well is projected to hold between 100 and 500 million barrels of crude oil. According to one of Talos’ partners, Premier Oil Plc, the drilling operations at Zama-1 are expected to take 90 days, and the exercise will cost $16 million. When Mexico decided to open her oil industry to other players, the three companies bid for the exploration rights and won the first round.
Talos Energy is one of the most acclaimed companies in the global oil and gas exploration industry. The firm was started by Tim Duncan and his partners after they acquired $600 million in equity. The enterprise has the capacity of producing over 16,000 barrels of oil daily and boasts of a workforce of 120 employees.
For a short time, Talos Energy has been in operation; it has acquired several feats that were initially a preserve for seasoned players in the sector. Workplace Dynamics ranked Talos as one of the best workplaces among SME’s. According to Tim Duncan, this achievement is as a result of proper workplace policies, real structures, and an enterprise culture. Some of Talos’ equity is held by its employees from the geoscientist to the office receptionist. This strategy bolsters the sense of ownership among the team players enabling the company to deliver as a unit.
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