One of the most highly regulated industries in the world over the past 100 years has been the oil industry. This is the case in many countries across the world that have done their best to regulate the amount of oil that can be pulled from the ground. In recent months, one country has taken steps to start the process of regulating their oil industry in an attempt to provide its country with more affordable oil. This country, Mexico, is now allowing a private well off its shore for the first time in about 80 years.
But according to a new joint venture that is taking place between Premier Oil PLC, which is based out of London, Talos Energy LLC out of Houston, Texas, and Sierra Oil and gas out of Mexico, the ability to start drilling has been approved. Over the coming year, the three companies plan on investing a considerable amount of money in exploratory Drilling in the Gulf of Mexico. All three companies, and other Professionals in the oil industry, believe that there is a considerable amount of oil offshore. The specific area that they are focusing on is called the Sereste Basin, which is estimated to have up to 500 million barrels of oil.
At this point, it remains to be seen what each company will do in the process of drilling. Talos Energy is expected to be the official operator of the well and we’ll have about a 35% share of the joint venture. They are expected to be required to produce the equipment and Personnel necessary to start the drilling process. If more drilling is necessary, there could be a change in joint venture structure.
Talos Energy has been one of the leading energy companies in the United States over the past decade and has successfully discovered oil in several different major reserves across the world. The Houston-based company has provided a range of different exploratory, drilling, and excavation services that has helped the United States to develop one of the largest stockpiles of crude oil in the world and helped to keep the price per barrel at an affordable price.