Talos Energy was established in 2012 by Tim Duncan who is its chief executive officer. The company was started with an initial amount of $600 million in equity, its funding sources being Apollo and Riverstone.
Talos accessed the Phoenix field together with other assets in 2013 after paying the cash amounting to $620 million. The company was forced to send away Field wood Energy and Energy XXI after one year of its launching. The business had gone down at the oil market resulting in bankruptcy, this leading to the sending away of its producers.
The largest oil province in the nation has been The gulf after the Permian Basin. The Gulf remains in a day can distribute over 1.6 million barrels. Oil royalties contribute about $3 billion to the government of U.S. The vast contribution has been due to the presence of valuable resources in the federal waters. The massive contribution of oil industry to the government has resulted in the opening up of more federal waters.
A well reaching 5 miles down costs $200 million to construct and, according to Bernstein Research, a well has a one-in-three probability of drying up. Records from Tim Duncan show that over the three years that have past, Talos and its partners have struck seven dusters. Reports from the research indicate that the deep water field can keep yielding its productivity of oil over a long period of time.
Talos and its partners like Field wood have an optimistic future time on the Gulf-based on the Mexican side. To meet its promising aspirations, Talos has collaborated with various companies to enable it to achieve its objectives. The organizations that it has partnered to work with include, Riverstone-backed Siera Oil and Gas, and also Premier Oil of united kingdom. The partnership will enable Talos energy to access new lands in Mexican water.
Tim Duncan says that grabbing this opportunity is 100%, Tim Duncan. According to him, the basin is mature and that’s why they had to reprocess the seismic before drilling Zama. Zama megafied is expected to yield oil in the next five years.
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