Mexico is one of the oil producers in South America. The exploration of oil and natural gas was nationalized in 1938. Private companies are not allowed to do operations in the country. No private company is allowed to do oil and natural gas exploration let alone being allowed to drill them. However, this is not the case fully now. For the first time in over 80 years. Talos Energy became the first ever company to be allowed to do oil and natural gas exploration and drilling in the country. This is the first private company that has managed to infiltrate the market in the country despite not being a nationalized company. This, however, did not happen by luck. There was a huge input from the Mexican oil company, known as Mexican, Sierra Oil, and Gas. This is a nationalized company that is the biggest shareholder in Talos Energy.
Talos Energy is a three-way partnership. Another company that has been allowed stop participate in oil and gas exploration in Mexico is Premier Oil Plc. It is the other partner in Talos Energy. It has a 25% ownership of the company. Premier Oil Plc is a British company. Talos Energy is an American company based in Houston. It owns 35% of the partnership. Mexican Sierra Oil & Gas has the lions share with an ownership of 40%.
Talos Energy was given the rights to engage in sea oil drilling in Sureste Basin. The oil field is estimated to have over $400 million barrels of oil. Talos Energy is expected to make the oil and gas drilling industry in the country competitive. It is expected that it will take about three months for the company to start the drilling operations in the country. Talos Energy won the company in a competitive bid that had attracted major world’s corporations. The Sureste Basin is expected to be highly successful since the geological structure of the basin is expected to increase the chances of the basin generating more oil. It is estimated that the drilling operations will cost $16 million.
Talos Energy Inc. is a company that specializes in oil and gas exploration. The company is respected worldwide for its efficient personnel who’s is dedicated to working.