For the last 80 years, no private companies have sunk offshore oil wells in the waters of Mexico. However, this has all changed. Thanks to a cooperative venture consisting of Premier Oil PC, Talos Energy LLC and Sierra Oil and Gas, drilling has commenced in an offshore oil well. This well is in the ocean near the state of Tabasco and is estimated to hold anywhere from 100 million to 500 million barrels of oil. The official operator of this well is Talos Energy, a Houston company, which owns a 35% stake in the operation.
Talos Energy was founded by Tim Duncan and his partners, who were able to financially survive the 2008 financial recession by deploying a smaller pool of capital in lucrative areas. During this time, Duncan and his partners were part of the company Phoenix Exploration. Thanks to the aforementioned quick thinking, Duncan and company were able to sell Phoenix Exploration to Apache Corp. After the sale, Duncan and his partners started Talos Energy. In 2003, Talos Energy has expanded through the $620 million acquisition of Energy Resource Technology, a subsidiary of Helix Energy Solutions Group. This has helped them become a leader in the oil, gas and energy industry by giving them access to useful technologies and industrial resources.
Not only is Talos Energy an innovative company, it is also, according to WorkplaceDynamics, the best workplace among Houston small businesses. When asked about this, Tim Duncan explained that they are the best workplace because of the company’s workplace culture. According to Duncan, this environment is one of teamwork and the shared interest in making money for every individual associated with the business. Regarding the future, it is predicted that Talos Energy may make another acquisition like the previous purchase of Energy Resource Technology thanks to its incredibly high yearly revenue. Overall, it is clear that Talos Energy is not only an innovative company but one of the gems of both the energy industry and Houston.
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