Talos Energy : A partnership for the ages

Recently this past year, Talos Energy has announced the discovery of a large oil deposit holding over 2 billion barrels which also include an estimated amount of 800 million barrels of recoverable reserves. This discovery, however, has also led to the discovery that the oil deposit may also extend into an adjacent block owned and operated by Pemex, Mexico’s state-run oil company.

Tim Duncan the CEO of Talos Energy quickly informed his company and the public that they will attempt to form a partnership with Pemex in order to share data collected during the Zamas project and vice-versa. A partnership between the two companies could dramatically increase the success of the project. However, this is a problem with this proposal, Pemex has not done business with any private company since it’s establishment in the 1930’s. The Mexican government at the time were opposed to any such deals where partial control would be given to another entity. The decision would turn out to be very profitable to the government because soon Pemex was right at the same levels as other oil companies around the world. It was not till years later that allegations of corruption within the company forced the Mexican government to lower the budget to about 1/3 which in turn affected the production and profits of Pemex.

Although the call for partnership deals would have been impossible any other year, Tim Duncan knew he could count on Mexico’s president-elect Andres Manuel Lopez Obrador who during his campaign pledged to strengthen Pemex to its previous position. During the meeting, president-elect Obrador commented that Talos Energy didn’t have to worry about urgency as himself and Pemex are ready to work together.

After the rather quick approval of the proposal by the Mexican oil regulations department, the plans where in place to continue the Zamara project which will have drilling begin at the end of November 2018. By the year 2023, Talos energy and Pemex see the well to be producing over 150,000 barrels per day.

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Talos Energy Is Primed After Some Big Moves:

The oil and exploratory drilling industry recently had the massive news break that Talos Energy and Stone Energy would merge together under the Talos Energy name all the while taking up Stone Energy’s public listing on the stock exchange. The shareholders with the company are rally going to reap the benefits of this massive move on the part of Talos Energy. Talos’s founder and Chief Executive is Timothy Duncan and he has been adamant in his assertion that this move has the company well positioned to take advantage of the impressive portfolio of assets that are in possession. The focus of this portfolio is in the Gulf of Mexico.

In 2013, the government of Mexico set in place a set of reforms targeted at its gas and oil industry. Talos Energy has been one of the first firms in the industry to really make a concerted effort at taking advantage of these changes. In 2017, Talos was proud to take part in a collaborative effort that was involved in offshore oil field known as Zama-1. The significance of this work was that it was the first offshore exploration privately drilled in Mexican history. It seems that the gambles that Talos Energy has taken in this critical area are going to have a huge chance to really pay off.

Talos Energy also acquired a pair of critical areas in the Gulf of Mexico as a result of the merger that took place with Stone Energy. All of these moves have come together to position Talos Energy in a really good place to be able to go forward with some ambitious development plans. The company’s team looks forward to taking advantage of some excellent opportunities for exploration. Timothy Duncan has taken what might be called big gambles over the past few years, but those seem to be well worth it.

For details: www.indeed.com/cmp/Talos-Energy