Since 1938, Mexico’s oil industry has been state-owned and operated under PEMEX and after nearly 80 years, Mexico’s oil Industry has taken a giant leap forward with opening their nationalized oil industry to private oil investors, in the hopes of attracting foreign investment and competition as a part of the country’s oil industry reform that began in 2013.
In 2015, three companies won the rights to the first offshore oil platform which was built in Mexico’s waters with a joint venture between Premier Oil based in London, England, Talos Energy based in Houston, Texas and Sierra Oil & Gas based in Mexico. The Zama-1 well is operated by Talos and it sits off the shores of Tabasco, in the Sureste Basin which is estimated to contain between 100 million to 500 million barrels of crude oil. Drilling commenced on May 21, 2017 and was completed as of July 31, 2017. Being the first privately owned well in Mexico, is an exciting and potentially very lucrative project in which other key players, in the oil industry, are keeping a close eye on with the expectation of future opportunities, in working with Mexico to revitalize their industry.
Talos was formed in 2012 by Tim Duncan and his partners with over $600 million in assets and has successfully grown into a dynamic company, whose primary strategy is to explore the Gulf of Mexico region, predominantly in the Texas and South Louisiana areas, with innovative processing techniques and top expertise in geology and geophysical operations.
With the company’s incredible entrepreneurial spirit that encourages every employee to share in creating new innovative energy solutions, for drilling and processing oil resources that were once thought to be out of reach, its no wonder this company has been recognized as one of the Top Work Places 4 years running by, HC Media Group and the Houston Chronicle.
Zama-1 was an amazing accomplishment for Talos and its venture partners, for sure, and Talos will continue to make waves in the Gulf with its innovative solutions that will help to meet the world’s energy needs, for years to come.