Mexican Government Relaxes Rules Concerning its oil.

Despite being a new company in the oil industry, Talos Energy is building a name for itself. At the moment, the company is headquartered from Houston, Texas. The company has maintained a small number of employees as it currently has 200 employees. The company’s major tasks in the Gulf of Mexico include oil and gas exploration and drilling. The company was established in the year 2012. The company’s LinkedIn page explains that most of its employees are former workers of Phoenix Exploration as well as Gryphon Exploration. Other than gas and oil exploration, the company specializes in the acquisition of assets in this region.

The company’s LinkedIn page also reveals that the firm was established through a partnership of two institutions. The partnership involved Riverstone Holdings and another firm called Apollo Global Management. Major departments within Talos Energy include engineering department, accounting department, research, and operations department.

For the last eight decades, drilling of oil in the Mexican waters was left to the Petroleos Mexicanos. This is a Mexican government-owned corporation that was formed in the year 1938 when the government nationalized its oil. However, changing economic times and an ailing oil industry has seen the Mexican government allow international companies drill oil in the country. The project will be implemented by three companies that are Premier Oil from London, Talos Energy as well as Sierra Oil & Gas from Mexico. Ownership of this deal is not proportional. Premier has an ownership of 25 percent while Sierra has an ownership of 40 percent. As for Talos Energy, they gave an ownership of 35 percent.

This project by these three companies is expected to last for three months and will cost them approximately $16 million. However, the returns are high as the amount of crude oil expected to be drilled from this project is estimated at 100 million barrels to 500 million barrels. The Mexican government revealed the details of this project saying that the project is being carried in Sureste Basin that is located in Tabasco State. This project is expected to be used as the benchmark as it’s the first of its kind in many years.

More information on Talos Energy can be found on Facebook.