Drilling for oil is nothing new. However, international companies joining forces to drill for oil in the waters belonging to Mexico is something unusual. Mexico’s energy market was nationalised for at least eighty years, and this is the first time foreign investors have joined a Mexican company to pioneer discoveries.
The Musketeers of Oil Drilling
Premier Oil from London, Talos Energy from Houston and Sierra Oil and Gas are the three enterprises that put in bids for this opportunity and won. They will take 90 days to complete their project, and this is the first private well in Mexico’s waters in a very long time.
The resources will bring in massive amounts of crude ranging between 100 million barrels and 500 million barrels. This investment of 16 million dollars from Premier will help Mexico’s oil and energy industry to stop limping around and get back on its feet. Perhaps this will not be the only time this kind of investment takes place.
The new well is called The Zama-1 and the companies started work on the bid two years ago. Industry professionals follow the Mexico’s decision with interest since nobody knows what secrets the Sureste Basin off the coast in Tobasco holds. It could be a ground-breaking discovery.
Talos Energy for the Future
Talos Energy only has a 35% stake in the block, but this smaller company knows how to play the market among the giants. Their shares are rising due to the project, and it will allow the company to grow. They operate under strict rules and invest in innovation. The ultimate goal is to find better and more sustainable ways of drilling for oil and gas to provide energy to citizens.
Talos is an independent company that mostly uses the assets around the Gulf Coast. They want to explore and go where no oil drilling company has gone before. Talos Energy is involved in a variety of community projects that help their fellow citizens. They contribute to creating infrastructure and create jobs. Each employee receives a 500 dollar allowance on top of their salaries to donate to a charity of their choice. They also support local food banks and Blood Donation centre.