Mexico has long been a country of fierce independence. And when it made its oil and gas industry private in 1938, almost 80 years ago, no one blinked an eye. After all, they wanted to profit from the rich natural resources of oil that lay beneath their feet and in their waters. That way, the money could go back to the people via the tax base system they had set up. However, this plan has not gone well recently.
Almost 100 years later, the country has decided to open up foreign investment for the first time. Usually, Pemex would be the only firm allowed to operate oil rigs in Mexican territory. The changing economy has gotten them to create a bidding system. A London company, Houston company, and local Mexican company won the bidding in 2015. Now the three will tackle the project together.
The well is sunk off the coast of Tabasco. It is estimated to hold anywhere from 100 million to 500 million barrels of oil. Industry experts are watching this project very closely, as it is the first of its kind. It also has a unique potential with the amount of oil it could produce and they are predicting good outcomes. About a third of proceeds will go to Talos, Sierra, and Premier. Talos will be the primary operating company of the operation.
Talos Energy, LLC was started by Phoenix Holdings in 2012 with $600 million in funding. They have gone on to acquire other companies in their industry like Helix Energy Solutions. The company focuses on exploring and exploiting gas and oil along coasts and providing high returns for investors.
Talos Energy has advanced employee methods. They let the workers share in the mega profits of the company, of which they have done $500 million in yearly sales so for. This means that an average employee can expect to have regular bonuses well beyond their salary. It’s a competitive industry, so Talos also has parent services, a food court, and special party days that let the staff play hard while they work hard with less stress. They have grown rapidly as a result. With over 120 employees, they are well beyond the 12 that they started with.
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