Talos Energy has recently sung the first new offshore oil well in Mexican waters in 80 years. The move is the latest step in allowing foreign competitors back into its market. The combined team of Premier Oil Plc, Mexico’s Sierra Oil and Gas and Talos Energy LLC of Houston began drilling their well on May 21. It is the first offshore Mexican well to be started by anyone other than the state-run Petroleos Mexicanos monopoly since 1938.
Drilling is projected to take about 90 days to complete and about $16 million, paid for by Premier Oil. Due to Mexico’s ailing oil industry, bids were opened to private investment. Geologically speaking, the drilling has a high expectation of success.
Talos Energy is prospering and growing its business by leaps and bounds in the last year. It recently bought Helix Energy Solutions for $620 million dollars and is expected to make approximately $500 million in 2017.
Led by Tim Duncan and Ben Winkleman, the private oil company is popular with its employees and investors for the leaders’ apparent interest in making them money via the oil business. Tim Duncan originated at Gryphon Exploration, where he was encouraged to share his ideas. He, in turn, encourages his employees to exchange ideas and even share bad news and solutions to problems. As long as ideas add value to the company, they are welcome.
Michael Harding, the controller and chief accounting officer of Talos Energy because it offers a small company and the chance to accomplish a bigger job and make a more significant impact. He also enjoys getting to know all the geologist and engineers in the enterprise.
Whether seeking options of improving productivity, increasing safety measures or making more money, employee input is welcome in this privatized oil business venture. Everything the employees do and every policy put into place make a difference in improving the company.
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