The Mexican oil industry has been a closed shop headed by the nationalized company Petroleos Mexicanos since 1938 when the oil industry in the nation was nationalized by the government. 2017 has seen the first drilling project begin in Mexican waters headed by a coalition of private companies from the U.S., U.K., and Mexico; the Houston based oil exploration company Talos Energy has joined forces with the U.K.’s Premier Oil and the Mexico based Sierra Oil & Gas to develop the Zama-1 well that is thought to contain anywhere from 100n million to 500 million barrels of oil.
The first drilling exploration since the nationalization of the Mexican oil industry in 1938 began on May 21st with a planned drilling period of 90 days with London’s Premier footing the majority of the $16 million bill for the project; the drilling and exploration project was the subject of a rights battle in 2015 when the Mexican government announced private investment would be permitted in developing the Sereste Basin off the coast of the state of Tabasco. The initial drilling project undertaken by the three companies is seen as the first step in bringing back private investment in the Mexican oil industry that remains dominated by Petroleos Mexicanos.
The Houston based Talos Energy has been focused on drilling and exploring the Gulf of Mexico and Gulf Coast as the business has been growing with the acquisition of a range of fields to drill across one of the most fertile oil and gas areas in the world. Established in 2012, Talos Energy has been built with the skills of a group of executives responsible for the development of two previous oil and gas exploration companies sold by the team for a major profit.
Using technology has always been at the forefront of the work completed by Talos Energy as they are hoping to develop an oil and gas exploration company that was created to be sustainable in the future. The global recognition received by Talos Energy has seen the company become a global leader in the latest developments in the industry.