As of May 21, a new offshore well was sunk off the Gulf of Mexico for the first time in 80 years. The private company Talos Energy LLC located in Houston, Texas merged with foreign competitors Premier Oil Plc and Sierra Oil & Gas to sink the Zama-1 well. The three oil companies won rights to the Sureste Basin by the state of Tabsco in 2015 in first round bidding in Mexico. Since 1938, the state-run Petroleos Mexicanos ran the oil industry off the coast of Mexico. But with a failing oil industry, Mexico opened the oil industry to foreign competitors.
At a total cost of $16 million for the Zama-1 well, Edison Investment Research Ltd. believes the well basin to be in an optimal geological location for high success. The well is estimated to hold 100 to 500 million barrels of crude oil. Talos Energy LLC owns 35% in the venture and will be directly operating the well. Oil partners Sierra Oil & Gas owns 40% and Premier Oil Plc holds 25% of the venture.
Talos Energy LLC is an upstream gas and oil company that is focused on oil drilling locations in the Gulf Coast and the Gulf of Mexico. The privately owned oil and gas company started with $600 million in equity from such investment backers as Riverstone Holding LLC, Apollo Global Management LLC and Talos management. Starting with 15 employees, drilling operations in the Gulf Coast increased jobs within Talos Energy LLC to 120 employees. Since field operations have expanded in the Gulf of Mexico, Talos is producing over 16,000 barrels of oil per day.
Recently, WorkplaceDynamics named Talos the best workplace for local small businesses. To compensate for hard work, receptionists, geoscientists and other employees located at the Houston office can share a piece of equity within the company. In February, Talos purchased a subsidiary of Helix Energy Solutions for $620 million. While Talos searches for new expansions for oil and gas drilling locations, the company is expected to gross a revenue of $475 to $500 million this year. With constant increasing revenue, Talos Energy LLC is set to hire more employees in the near future.