Tag Archives: Business Guru

How Talos Energy Made A Huge Oil Discovery Off Mexico

Talos Energy, Inc., is a firm in the energy, oil, and gas industry which was established in 2012. They are a privately held firm which was co-founded by four businessman who are Timothy S. Duncan, John A. Parker, Stephen E. Heitzman, and John L. Harrison. They do offshore exploration for oil and gas and are also do production. Their explorations take place in the Gulf of Mexico.The Zama well, which is located off the shores of Mexico, has been a big success for Talos Energy. It was only within the past few years that Mexico started allowing any private-sector companies to explore for oil within their territory outside of their state-run company.

This changed and Talos Energy capitalized on this when they made one of the first discoveries of an oil and gas deposit. Drilling of the Zama-1 well began in July 2017. It drilled down 11,100 ft and found a source of oil that they estimate contains somewhere between 1.4 to 2 billion barrels worth of oil. This was a huge discovery and an executive of one of their partners on the project, Sierra Oil and Gas’s Subsurface Director Mark Shann, commented that he hadn’t seen anything like the Zama-1 well discovery in his entire career.This discovery of oil by Talos Energy in the Sureste Basin made big headlines in their industry. It is being hailed as a super basin and will be a very highly productive well.

The team at this company is now eying a nearby basin as well called Tampico-Misantla which could potentially be another super basin with a billion to two billion in barrels of oil.Talos Energy, Inc. was Talos Energy, LLC up through April of 2018. They made this change after acquiring Stone Energy Corporation in a $1.9 billion deal. The combined company is headquartered in Houston, Texas and they also have offices in two Louisiana cities, New Orleans and Lafayette. The board of directors now has six members that came from Talos Energy and four members that came from Stone Energy. Talos Energy now trades on the NYSE under the symbol “TALO”.

Source of the article : https://www.prnewswire.com/news-releases/talos-energy-llc-to-combine-with-stone-energy-corporation-300560195.html