Talos Energy LLC, which began as a small startup by Tim Duncan and his partners, is using their entrepreneurial spirit to push the boundaries of oil and gas exploration in the Gulf of Mexico. Talos was rated by WorkplaceDynamics one of the top small businesses in the nation, because they believe in compensating all of their team members based on the success of the company. It creates an atmosphere where all of their scientists and staff feel like they have something invested in the outcome of their business, which creates a high energy environment and unmistakable results.
Recently, Talos partnered with London’s Premier Oil and Mexico’s Sierra Oil & Gas company to break up the Petroleos Mexicanos monopoly in the Gulf of Mexico. Through this partnership, they have successfully established the first new well in Mexican waters since 1938. Analysts and scientists working on the project are optimistic about the chances for success in this area, and Mexico will benefit from competition in the area.
The well itself, known as Zama-1, is located in the Sureste Basin off of the state of Tobasco and holds between 100 and 500 million barrels of crude, according to Premier Oil. Premier is the primary investor in the project, and has dedicated $16 million to drill the well, which will take an estimated 90 days. Talos is the chief operator of the well, and commands a 35% stake in the project. Sierra Oil & Gas holds a 40% stake, while Premier holds 25%. As the first well drilled by an entity other than Petroleos Mexicanos, the project will be closely watched around the industry as Mexico continues its process of energy reform.
As Talos continues to set a standard for Houston-based companies, employees and associates are no doubt enthusiastic about the success of this new venture. Named among the top places to work in Houston every year since 2013, Talos continues to push the boundaries of the oil and gas industry by relying on the people that make the company successful.
Read more about Talos Energy here.