Talos Energy is an independent exploration and production company that is making an impact in the energy sector. This company has in recent times engaged in operations aimed at making major moves aimed at expansion of its operations. Recently, the company announced that they would acquire Whistler Energy II. Talos energy has utilized acquisitions as one way of expansion. It is not long since they are announced a major development in Zama-1 project. The Zama-1 discovery is a statement lot Talos Energy is ready to capitalize on the emerging opportunities. Mexico’s National Hydrocarbons Commission approved this program. This approval was a significant step towards expansion of Talos Energy in the international market space.
This is a placeholder account for Talos Energy LLC in Houston, Texas. Questions about the company should be directed to 713-328-3000.
— talosenergy (@talosenergyllc) February 12, 2013
Since 1938, Mexico has never allowed foreign companies to engage in the exploration and production of oil in their waters. The oil industry in the country has been nationalized making it hard for private companies to penetrate the market. Now that Talos Energy has finally managed to get the nod from Mexico, it means that they are bringing a good deal to the table. The companies mandated by the government to conduct exploration and production of oil in the Gulf of Mexico failed to meet the goals due to factors such as corruption.
In 2014, Mexico passed an amendment that allowed private investors and operators to penetrate their oil and natural gas sector. After the amendment, private companies started getting rights to engage in exploration and production in the Gulf of Mexico. Among the companies which acquired the rights after the new amendment was passed is Talos Energy. They purchased the rights to develop Zama-One field.
Talos Energy took a risk that many other companies were afraid to engage in since they would be developing the Mexican side of the gulf without a guarantee that they will be reclaiming back their investments. Talos Energy, was, however, ready to take the risk despite the challenges. In 2017, their risk paid off after huge oil deposits were discovered in Zama-one field. This discovery became one of the 20 largest shallow-water field discoveries in the past 20 years. Although, Talos CEO Tim Duncan did not reveal how large the oil deposits, it is expected that Zama-one could rival another field that is currently producing 100,000 barrels per day.
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