We live in a dynamic world where things are changing on a daily basis. This could be politically, economically or in any other sector. These changes have made the Mexican government to rewrite its laws about who gets to drill oil in the country. For the last 80 years, only Petroleos Mexicanos was allowed to drill oil in Mexico. However, this has changed as the government now allows private companies to drill oil in the country. A new oil well called Zama-1 is being sunk in the state of Tabasco and its happening in the Sureste Basin. Experts say that the move may be an indication that the Mexican government has come to the realization that their oil market is ailing.
The new oil well is being sunk by three companies. One from Europe, the other one from the United States and the last one is from Mexico. The three companies applied for the tender that hand being advertised by the Mexican government two years ago. These companies are Sierra Oil & Gas from Mexico, Talos Energy from the United States and Premier Oil from the United Kingdom. The companies’ representatives said that it would take 90 days to complete the drilling process. Also, they revealed that the project is likely to cost $16 million. Ownership of the drilling process has been divided into different percentages. Talos has the second highest share of 35 percent. As for Sierra Oil and Gas, they have the largest share of 40 percent. The rest goes to the Premier Oil.
Talos has been in business for several years as it was established in the year 2012. The firm is privately held and currently has 153 employees. Two companies joined hands to form the venture. They are Riverstone Holdings and Apollo Global Management. Having realized the potential of the Gulf of Mexico, they decided to establish the venture so that they would acquire assets in the area through the entity.
The company draws its strength from the fact that it works with a team of highly qualified people who used to work for reputable companies. According to their LinkedIn page, most of their workers are former employees of Gryphon Exploration and Phoenix Exploration.
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