Mexican Oil Company has allowed its rivals to back it in the energy business for the first time. It has never allowed any company to do that for 80 years. Premier Oil PLC is a joint venture in London, Mexico’s Sierra Gas and Oil, and Talos Energy, LLC. It started drilling oil on 21st May 2017. Petroleos Mexicanos will launch the exploration. This is a monopolistic business that is run by the state. The state nationalized the gas and oil industry in 1938. Petroleos Mexicanos has been the only one responsible for drilling oil in the country.
The drilling will take 90 days. It will cost $16 million. The three countries that have been mentioned above won the prospect in 2015 after a lot of bidding. This is because Mexico voted to open the national oil industry to private investment. Elaine Reynold is an analyst at Edison Investment Research Limited in London. Elaine said that the structure is a real geological process to the state. Charlie Sharp said that Zama would also be an interested party this year according to the implication of the Mexican market. Talos holds 35% of the shares, Sierra oil has 40%, and Premier owns 25%.
Talos Energy, LLC is a private company that deals in gas, oil exploration, and the acquisition of gas and oil properties. Its primary focus is Gulf Coast and the Gulf of Mexico. Talos partnered with many other oil and gas companies. Talos energy was started in 2012. Its headquarters is in Houston, Texas. Michael Harding II is the senior president of Talos Energy. Timothy S. Duncan the president.
The company was started by Timothy Duncan and his friends. They started it with $600 million. The money was raised from River Store Holdings and Apollo Global Management. Their recent investment is Gulf of Mexico oil exploration. The company is expected to uncover between 1.4 billion and two billion of oil. The total formation will yield about 425 million barrels. The company is excited about the recent investment. They are committed to combining the high rate of cash that flows to develop the Gulf of Mexico and also Gulf Coast.