Since about 80 years ago, no company could drill on Mexico’s coast or in their waters. That used to be to control the resources and give them back to the people. However, when there are no more profits, you need to change something. That is exactly what Mexico did recently when they opened up their drilling of oil and gas to foreign investors to pump cash into their dying economy.
Pemex was the be all and end all in Mexican oil for nearly a century because it was the nationalized choice. However, now three firms, two of them foreign to Mexico, will lead the charge to put up a new well and drill off of Tabasco in the Sureste Basin. Experts claim that anywhere from 100 million to 500 million barrels of oil could be resting there. Talos Energy, Premier Oil, and Sierra Oil and Gas won the bidding war in 2015.
Talos Energy is out of Houston. It was founded in 2012 when two hedge fund managers came together with funding to take it on. It was backed with $500 million when it was started. This proved to be a wise move. Soon after starting up, they were able to acquire other assets, such as Helix Energy Solutions for $620 million. Now, they do yearly revenue of up to $500 million already. The company has credited its rapid growth to their innovative strategies for turning assets into cash and giving astounding returns to their investors, who have funds in Phoenix Holdings, which is the owner of Talos.
Talos focuses on the gulf of Mexico and the Mexican coast. They have exploratory teams that research and find the right areas to exploit. They then set up oil rigs and extract the natural resources so they can turn it into the right kind of fuel. Over 16,000 barrels of oil per day are produced by the company. They started with just about 10 employees and have grown to over 100. This growth is in part because of the work culture there. They play hard and work hard. With perks like in house daycare, food, casual days, fun team games, and profit sharing, employees are motivated.