Talos Energy : The Path Towards Open Communication

Posted on December 12, 2018

In the wake of a recently discovered oil deposit of over 2 billion barrels of oil in the Gulf of Mexico, Talos energy and CEO Tim Duncan are seeking to form a partnership with PEMEX (Mexico’s state-run oil company) due to the fact that the adjacent block is owned by PEMEX. Tim Duncan stated that a partnership would see open communication within companies and the sharing of data that would benefit everyone. This partnership would also include a consortium with British oil and Mexico’s Sierra Oil and Gas.

The aim to form a partnership did not come without its obstacles. It’s often forgotten that for many years the Mexican government restricted and banned any partnerships with outside entities. This move was made early on during the infancy of the Mexican government in order to protect their natural resources as well as to allow their oil company PEMEX to grow. The move worked for many years as PEMEX would grow to be one of the largest oil companies in the world, however, later corruption and mismanagement led to its budget being cut and the company would go into a 14-year slump.

For CEO Tim Duncan, however, there was a light at the end of the tunnel in the form of newly elected president Andres Manuel Lopez Obrador. President-elect Obrador campaigned on his promise to bring back strength and respect to the struggling oil company, so when Tim Duncan met President-elect Obrador both unanimously agreed that a partnership would be in everyone’s interest. After a quick approval for the appraisal plan by the Mexican Oil regulators, Talos Energy and the Zama project where set to begin drilling in late November of 2018 with the installation of two new wells in mid-2019. Chief Executive Officer Tim Duncan stated that by 2023, the wells would be producing up to 150,000 barrels of oil per day.

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Categories: Company, Energy


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