The global oil industry and oil market investors welcome new reforms taking place in Mexico that will allow historic opportunities for foreign companies to boost the energy sector of the country. Energy reform legislation which began in 2013 is now becoming a reality, as the first joint drilling and exploration project has been entered into the books.
Talos Energy, in a joint partnership with London-based Premiere Oil PLC and the Mexico Sierra Oil and Gas company began drilling of the offshore well in May of this year. The project breaks the state-run monopoly on oil exploration that has been the standard since 1938. Talos Energy is functioning as the well operator and has a 35% stake in the operation. This project is the first step as the country of Mexico opens the door to allow foreign competition in its energy markets.
The Mexico oil exploration industry will continue to offer substantial opportunities for both the US and Mexico to improve gas resources and subsequently the utilities infrastructure of both countries – and both countries expect increased interest and competition in the future. This first ‘right to prospect’ will open the door to many future partnerships and opportunities in Mexico.
Talos Energy LLC is based in Houston, TX and focuses on oil and gas exploration and has increased its holdings with a recent purchase of Energy Resource Technology which has assets based in the Gulf of Mexico. This move has uniquely positioned the company to work expeditiously on any Mexico oil exploration projects and has industry watchers taking note of the new joint venture. Click here to know more about Talos Energy.
The Talos Energy company has recently been named as a “best workplace among local small businesses” as management fosters a work environment that rewards hard work with good pay and perks. Employees not only get a piece of the equity from the company’s books, but they also enjoy an environment of cooperation and consideration between staff and management. By fostering an entrepreneurial spirit in the workplace, the company views all of its employees as adding to the growth of the firm.