For the first time since 1938 Mexico has stepped away from its nationalized oil industry and allowed a private, foreign company to sink a well in its waters. Just off the coast of Tabasco, the Zama-1 well, a joint venture of Talos Energy of Houston, Premier Oil of London, and Sierra Oil & Gas of Mexico, holds somewhere between an estimated 100 million and 500 million barrels of crude oil.
The well will be operated by Talos Energy, a company with humble roots that is making a big splash in the energy field, who owns a 35% stake in the well. Talos began with $600 million in equity from private backers and 15 employees and quickly expanded buying up smaller gas and oil producing subsidiaries and expanding rapidly.
The company has found success by promoting a dynamic workplace that they have built by attracting and recruiting only the most qualified individuals, and has been named one of the top small business workplaces in the country. Talos encourages the best out of their employees and opens the doors for individuals from every level of the business to share their ideas about how to improve the company.
The well itself is revolutionary, it is the first of its kind not own by state run Petroleos Mexicanos and is being carefully monitored across the industry, though early indications are that the site was a good choice geologically and the chances for success are high. Depending on the outcome, Zama-1 could become the template for how Mexico’s energy industry will operate in the future.
Drilling for the well was done by Sierra Oil and Gas, who own a 40% stake in it, back in May, and was funded by Premier Oil at a cost of roughly $16 million. Premier owns a 25% stake in Zama-1.
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