In a move that is bound to cement Talos Energy’s position as one of the leading oil exploration and mining company in North America, the company’s senior executive announced that they are considering partnering with Pemex. The partnership that will also include Sierra Oil and Premier Oil which are part of Talos Energy-led oil exploration consortium will likely come into effect in 2019. The collaboration with the Mexican governed oil company has been necessitated by the increased possibilities that oil reserves that the consortium discovered during the Zama project located in the Gulf of Mexico’s shallow waters may extend into blocks allocated to Pemex. The two parties hope to thrash out the details of the final details of the partnership by the end of 2018.
The announcement was made by Tim Duncan, the CEO of Talos Energy during an interview in early October 2016. He noted that the final discussions on the partnership would determine the company’s investment decision. During the meeting, the Talos-led consortium will share their exploration data with Pemex. An alliance with Pemex will bode well for Talos Energy since they stand to benefit from Mexico’s incoming president plan to increase investment in Pemex. Mr. Tim Duncan met with the incoming president and was reassured of the government’s support of the country’s oil industry especially Pemex. The consortium, which brings together oil exploration companies from England and Mexico, won a contract to carry out oil exploration in the Gulf Mexico. The joined operations hit the jackpot when they discovered a huge oil deposit that is estimated to hold close to 3 billion barrels of oil in crude oil and recoverable reserves.
Talos Energy’s Meteoric Rise in the Oil Industry
Founded in 2012 by a group of experienced geology and oil experts including the company’s current CEO and president Tim Duncan, Talos Energy has grown into one of the leading oil explorers and producers in North America through strategic acquisitions and investment in innovative technologies. Headquartered in Houston, Texas, the company established a significant operational footprint in the Gulf of Mexico and the Gulf Coast using some of the latest technologies to explore, exploit and produce oil and its related products.