A surprising turn of events has happened in the Mexican oil industry. Ever since 1938, the Mexican oil industry has been nationalized, meaning that it has been closed off to foreign investors and that the government-run company, Petroleos Mexicanos, monopolized it. However, in recent years, the oil industry was not doing as well in Mexico. As a result, in 2015, Mexico opened up it’s industry to private investors. Three companies from various parts of the world, Talos Energy, Sierra Oil & Gas and Premier Plc jumped at the opportunity and won bids to drill. As of May 21st, 2017, drilling has started, and it is expected to take about 90 days, at a cost of $16 million. The drilling is being done in the Sureste Basin, off of the coast of the state of Tabasco. There is a “high geological chance of success” with this project, considering the fact that the basin is formed in the ideal way.
Talos Energy LLC is one of the companies that has started drilling in the Sureste Basin. In fact, Talos Energy LLC was the first foreign company to do business in the Mexican oil industry since 1938, setting a record. Talos Energy is based in Houston, Texas, in the United States of America.
In February of 2013, Talos Energy acquired a subsidiary of Helix Energy Solutions for $620 million. Talos Energy is currently looking to buy more companies so that it can add personnel and grow. The subsidiary of Helix Energy Solutions that Talos Energy bought was called Energy Resource Technology GOM, Inc.
Talos Energy is associated with Riverstone Holdings LLC. In February of 2012, Riverstone Holdings LLC committed up to about $600 million of equity to Talos Energy. Talos Energy is also associated with Apollo Global Management, LLC. Apollo Global Management and Riverstone Holdings back Talos Energy.
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