Talos to the future.
It has been almost a century since a foreign private entity has drilled in Mexican waters, but now it is occurring due to Mexico’s new initiative into inviting in foreign companies. This feat has been accomplished by joint efforts by Talos Energy, Premier oil and Mexico’s own Sierra Oil and Gas. Mexico’s oil and gas industries were nationalized in the early 1900s, and only national operations have drilled in Mexico since then.
Drilling will occur in the state of Tobasco where offshore wells are estimated to contain anywhere from 100 million to a half billion barrels of crude. The drilling operation will range above $15 million to achieve and take approximately three months to tap. The three company coalition gained the rights to be the first non national drilling operation in Mexican waters in the first round of bidding that Mexico offered to private interests. According to very prominent geologists, the reserve has a high probability of being reached and delivering estimated amounts. Talos will operate the drilling operation and has received a 35 percent stake in doing so, and Sierra and Premier have 49 percent and 25 percent respectively.
Houston-based oil and gas company, Talos is a subsidiary of Helix Energy Solutions Group Inc. Their Gulf of Mexico holdings are encased in a subsidiary termed ERT. The Gulf of Mexico holdings averaged over 16,000 barrels of oil per day in a recent 30 day measure. ERT also has royalty interests in oil company Wang.
Houston is the oil and gas hub of America, and Talos is a private upstream oil and gas company situated in an enormously advantageous position to further increase its favorable holdings with the acquisition and exploitation of oil and gas properties located in Gulf of Mexico and around other properties on the Gulf Coast.
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