The financial crisis surrounding commodity prices meant that Tim Duncan and his partners could only deploy capital to the most profitable investments. After making a pretty lucrative sale to Apache Corp, Tim had amassed enough money to start his oil company- Talos Energy. With a team of sixty professionals, equity worth $600 million, and assets in Gulf Mexico that produced over 16,000 barrels of oil per day, the company hit the ground running. The company first acquired ERT Inc. an oil and gas subsidiary of Helix Energy Solutions for $620 million. ERT’s assets are estimated to produce 16,155 barrels of oil per day. It was after ERT’s successful exploration of the Wang well located in Green Canyon. The well is said to have over 100 feet of high-grade oil. Duncan and his team believed that the purchase allowed the company to make more acquisitions and obtain a dominant position in the Gulf of Mexico. In fact, with projected revenue of $ 475 million to $ 500 million in 2013, the company is poised to hire more employees and expand.
True to its words, Talos Energy embarked on a joint venture with Mexico Sierra Oil & Gas Company and Premier Oil Plc to sink an offshore well along Mexican waters. It is the first time in 80 years for a private company to sink an oil well in Mexico, given that oil exploration contracts were awarded to the state-run company Petroleos Mexicanos after the oil industry was nationalized in 1938. The companies had earned the rights to drill the well in 2015 after Mexico agreed to include private investors in its ailing oil industry. The well is referred to the Zama-1 well and is estimated to hold 100-500 million barrels of oil.
About Talos Energy
Talos Energy LLC is a private-equity backed company that focuses on oil and gas exploration and the acquisition of such properties with an emphasis on the Gulf Coast and the Gulf of Mexico. The company’s investments are affiliated with Riverstone Holdings LLC, Apollo Global Management, and Talos Management. The company boasts excellent workplace dynamics that promote independence and entrepreneurship. Such aspects have seen it named the best workplace among other small business in the area.
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