In Mexico, it has been a sense of pride to have oil and gas be a national industry. But that was when they could actually make a profit from the industry. The leaders have come under fire recently because the wells haven’t been producing like they used to due to a lack of continuing investment. For almost 80 years, the only company that could invest in Mexico for oil or gas, whether it was on the mainland or in the seas, was Pemex.
However, the tides are changing. Now, the country is letting three companies take over a well in the Tabascan coast of the Sureste Basin. Analysts say that it is poised to be interesting enough that the whole industry will be watching. It is estimated to produce anywhere from 100 to 500 million barrels of oil. The three companies have a share in the profits of a 25% stake, 40%, and 35% going to three firms. The first is Premier Oil out of London, the second is Mexico’s very own Sierra Oil and Gas, and the third is an energy company out of the U.S. called Talos Energy.
Talos Energy is from Houston, and it was formed in 2012 to meet the rising demand of the oil and gas industry in the state. It was created with $600 million of equity backed funds, from its parent Phoenix Holdings. Now, it has grown from only 15 people to over 100 in a short time and the revenue is charted to reach a large number of $500 million annually.
The company has a work culture that attracts top talent. Instead of only having salaries, which is common in the industry, the firm offers pay from the profit shares depending on how well of a year they had. Even the scientists get to participate in this. Other perks are included, like a daycare, food, and other amenities on site. It explores and takes advantage of resources along the coast of Mexico and the Gulf Coast of the U.S. They turn natural resources into quality investments in innovative ways, and churn through 16,000 barrels of oil a day.