Talos Energy, Sierra Oil & Gas, and Premier Oil will all work together on the Zama-1 well. This is going to be the first time that a private company is allowed to dig for oil within Mexican waters. Mexico recently voted to bring competition back into their energy market in order to combat its downtrend. The Zama-1 well is drawing a lot of attention since it has the potential to be hugely beneficial for everyone involved. Mexico nationalized their oil market in the 1930s, and ever since then the only company that has been able to work in their waters is the Petroleos Mexicanos.
The Zama-1 well is found just off the shore of the Tabasco state in the Sureste Basin. They estimate the well to hold anywhere from 100 million to 500 million barrels of crude oil. Premier Oil is expecting to spend $16 million over the duration of the project and they have a 25 percent stake in the company. Talos Energy has a 35 percent stake in the company and they are also the operator of the well. Analysts from Edison Investment Research and Canaacord Genuity Ltd believe that the project has a high change of success. This is due to the location of the Zama-1 well within the basin and the the structure of the basin itself.
Talos Energy acquired the subsidiary of Helix Energy Solution Group, Energy Resource Technology. Energy Resource Technology draws in approximately 16,000 barrels of crude oil every day and they also just had huge success with their Wang exploration. During that project they found more than 100 feet of crude, high quality oil within the Phoenix Field of the Green Canyon Block. This puts Talos Energy in a great position to expand into the Gulf of Mexico and the lower Gulf shore.
Talos Energy was recently named as being the best workplace out of other small business in that area by WorkplaceDynamics. They work to compensate their employees appropriately, but what really draws the eyes of job hunters is that they also give every one of their employees a piece of equity in the company.
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