Since last year’s Talos’ Zama project discovery of the 2 billion barrels of oil in the shallow waters of the Gulf of Mexico, Premex and Talos Energy started the process of joining forces for a number of things. For Talos, there was the need for speed in production while for Premex its a number of things. First, the deposit is likely to have extended to the adjustment block that the company will drill to confirm and secondly, the company has hit a fourteen-year production slump which the new president, Andres Manuel Lopez Obrador wants to catch up with. The partnership will also strengthen both Talos and Premex in terms of resources and effort, once solidified. The consortium, which also includes Mexico’s Sierra oil and gas and Premier oil and gas will communicate their data with Premex to speed up negotiations and closing the deal by the end of 2019, next year. With the continued commitment on both sides, drilling is set to resume by the end of November. Deals like these are not uncommon in the energy industry and they anticipate a production of approximately 200000 barrels in 2023.
It was founded in 2012 by Timothy Duncan, who had previously stated and sold Phoenix and Gryphon exploration companies. Talos is led by a team with tonnes of experience in deep and shallow waters explorations and production. It was established in 600 million dollars equity raised by Apollo global management and Riverstone Holdings. As an experienced team, Talos work with current technologies and innovative techniques to explore the deep waters and optimize on assets squires from them. This independent oil and gas company operates in the Gulf of Mexico and the Gulf coast, looking for and developing oil and gas products. As a public company, Talos is headed by Timothy Duncan as the CEO and the president, Micheal Harding II as the CFO and senior vice president and Stephen E. Heitzman as the COO and the executive vice president among others, with its headquarters in Houston, Texas. With the new discovery and partnership with Pemex, the company is expecting to drill about 425 million barrels or more from the Zama deposits.
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