The energy sector of Mexico has just opened their doors once again for foreign corporations to do business in their country. Just recently, a new oil well was installed in the waters of the Gulf of Mexico. The construction of this new oil well and the exploration of the area was a joint venture between three giant oil companies – Premier Oil PLC which is based in London, United Kingdom; Talos Energy LLC, which is based in Houston, Texas; and Sierra Oil & Gas, which is based in Mexico. The energy sector of Mexico has closed its doors to foreign competitors 80 years ago, but all of it will start to change. A recent study conducted in the waters off the Gulf of Mexico has shown that there might be between 100 million to 500 million barrels of crude oil hidden within its deep waters. The oil well is located near the city of Tabasco, and the drilling can last up to 90 days.
Talos Energy LLC is a Texas based, independent oil research and exploration company that has been operating in the Gulf of Mexico for several years now. The company holds 35% of the participation interest, and by using their state-of-the-art technology, they have been successful in locating oil reserves and drilling them. The team has set up in the Gulf of Mexico earlier this year, and in July 12, 2017, Talos Energy LLC successfully located the oil in one of the largest discoveries ever documented. The exploration resulted into a successful discovery of about 1.4 billion to 2.0 billion barrels of crude oil, which is far greater than what was previously thought of. The three oil companies will soon start drilling the oil from the Gulf of Mexico, and they could not hide their gratitude towards the contribution of one another.
Talos Energy LLC is delighted that their technology once again proved that it has a high rate of success when searching for oil. They will be setting up the drilling well weeks after their discovery, and Talos Energy LLC will be contracting another company to search for oil.