Founded in 2012, Talos energy is an oil and gas firm that specializes in offshore hydro-carborn exploration and production in the United States gulf of Mexico region and also in offshore Mexico. Talos energy’s headquartered in Dallas, Texas and has between 51to 200 employees.
Talos is a partnership of two firms(Riverstone Holdings and Apollo global management), with an objective of buying oil and gas assets in the Mexican gulf and gulf coast in order to exploit, explore and optimize oil and gas assets in these areas. The firm also has a business development arm.
Mexican oil Expropriation of 1938
In 1938, the Mexican government issued a decree,creating a national oil company named Premex, it was given exclusivity concerning extraction, exploration and refining plus commercialization rights of all Mexican oil. This was after the foreign oil companies that were in operation at that time had wrangles and legal conflicts with various oil workers unions, resulting in workers going on strike, resulting in national oil shortages lasting upto over a week and more
The expropriation announcement declared that any oil or mineral reserves within Mexico, was property of the Mexican nation, thus resulted in nationalization of the private oil companies belong to the United States and Netherlands. The resulting backlash was a call by the companies for international boycott of all Mexican products, especially in the US, UK and Dutch.
First non – Pemex Exploration
Talos LLC. has become among the first privately owned companies to explore oil off the shores of Mexico since 1938.in a joint venture with Premier oil (from London) and Mexico’s own Sierra oil and Gas, they began drilling of a well, named Zama-1 on May 21st, the first ever such exploration since 1938. Zama -1 is situated in TabascoState, at Sureste Basin, with an estimation of between 100-500 million barrels of crude oil. It is expected to cost $16 million and last about 90 days.
This exploration has gone to show how Talos is a leader in the oil and gas industry, it also operates the well and holds a 35% stake in the exploration venture.