In an attempt to diversify and privatize the energy markets, Mexico has opened up the oil drilling arena to foreign private companies. Three companies: Premier Oil, Talos Energy, and Sierra Oil and Gas have joined forces to drill a privately-owned oil well on the Mexican shoreline. This is the first oil well operated by a company other than the state-controlled Petroleous Mexicanos. Mexico’s decision to introduce private competition into the oil exploration market will provide a needed boost to the contry’s oil industry. Additional foreign investors will be watching the progress of this venture closely. Additional privatized oil discovery wells could easily be introduced by other foreign companies if the initial well investment proves successful.
A Golden Opportunity for Talos Energy
Tim Duncan, of Talos Energy said,“We believe this discovery represents exactly what the energy reforms intended to deliver: new capital, new participants and a spirit of ingenuity that leads to local jobs and government revenues for Mexico. We are eager to begin appraising this discovery and drilling more unique opportunities. The future is bright for offshore Mexico for years to come.” during a public announcement regarding the discovery of oil on their recently built drilling rig.
Talos Energy is a Houston,TX based company that is hoping to take advantage of this great opportunity on the Mexican shoreline. Talos Energy has been named the best local small business for their workplace environment as given by Workplace Dynamics. Tim Duncan the CEO of Talos Energy has structured the company to operate equally from all aspects of operations. Duncan has given all employees part of the equity, creating an atmosphere where all employees take ownership for each decision the company makes. Duncan has taken the entrepreneurial-style company and given each employee a responsibility and pride in their contribution to the success of Talos Energy.