The oil and gas drilling industry of Mexico has been going through many different changes in the past few years. Even though the Gulf of Mexico is considered to be one of the richest venues for oil and gas explorations, the country’s only major oil drilling companies, Pemex, is unable to cover the extensive region. It is for this reason the Mexican Government is now allowing the foreign players in the oil and gas sector to come and drill in Mexican waters. The reform brought in by the Mexican waters is to ensure that oil and gas exploration continues uninterrupted and that the oil and gas sector continues to grow for the benefit of the country.
In the first of such moves, major players in the oil and gas industry such as Premier Oil, Talos Energy, and Sierra Oil and Gas collaborated to carry out extensive oil and gas drilling and exploration in the Gulf of Mexico. The first phase of oil drilling would be conducted by the London based firm, Premier Oil, in the highly fertile Suerte Basin located in the Gulf of Mexico. It is expected that the company would be able to drill somewhere close to 100 to 500 million barrels of crude oil through it. Petroleos Mexicano, one of the biggest oil and gas companies of the world, based in Mexico, held a monopoly in the oil and gas drilling sector for many years. However, due to the competitive nature of the industry, the Mexican Government had to allow foreign players to maximize output while minimizing input.
Talos Energy, one of the newest as well as fastest growing oil and gas drilling companies, based in the United States, is also part of the deal that was carried out by foreign companies to drill in the Gulf of Mexico. The company has its headquarters in Houston and is an independently run firm. The company has its investments coming from some of the famous investors such as Apollo Global Management, Talos Management, and Riverstone Holdings LLC. The company aims to acquire strategic assets in the Gulf of Mexico and engage in lucrative exploration ventures.