After approximately eighty years, a privately owned company has installed a private Oil Well in the Mexican waters. This is seen as something that would place the country in a better position to compete fairly with other oil producers in different parts of the globe.
Initiation of the project
It was an affiliation of several companies that took part in the drilling of the private well. Talos Energy, in association with Premier Oil Plc, and Sierra Oil Gas all contributed toward the commencement and completion of the project. The activity that began on May 21, 2017, was the first of its kind since 1938. It was reported in the previous week by Premier that the project is the first offshore oil well to be owned by Mexico since 1938 when the nation entered into the oil industry.
Talos Energy is an oil company that was founded in 2012. Talos has its headquarters located in Houston, Texas. Timothy S. Duncan is the Chief Executive Officer of Talos Energy and has been serving this position since its founding in 2012. Talos Energy is an oiland gas company that majors in the development, exploration, and production of natural gas in the Gulf Coast and the Gulf of Mexico.
The Founding of Talos Energy
Talos Energy was founded in 2012, by Timothy S. Duncan, who is also the overall leader of the company. The gross capital, $600- million that was used as the capital to start up the company in 2012 was raised by Apollo Global Management, alongside Riverstone Holdings. In 2017, Talos Energy made official the plan of exploring and drilling an oil well in the Gulf of Mexico. As mentioned above, Talos allied with other oil companies to help in drilling the private well in the Gulf of Mexico; the project commenced in February of the same year.
The Oil Well that was drilled by Talos Energy in the Gulf of Mexico is an element that gives Mexico the chance to leverage its market potential. Besides enjoying the best competitive advantage, Mexico would benefit economically by accumulating revenue from the oil products. Though Talos Energy is a private well, it is an important project that can be used to spearhead the economic development of the country.
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