After 80 years, Mexico has made a move that will be written in the history books of oiling industry in this country. Since they nationalized their oil industry in 1938, company called “Petroleos Mexicanos” has had a country-wide monopoly over this market.
Now, the country opened its doors for 2 foreign drilling companies to come in and do an offshore exploration well. Premier Oil PLC from London, Talos Energy from Houston, and local Sierra Oil & Gas have won the bidding to explore this well, which was estimated anywhere from $100-$500 million in value.
The maneuver is anticipated to take about 90 days to complete, and Premier Oil, Talos Energy, and Sierra will respectively hold 25%, 35%, and 40% stake in the endeavor. Many experts have deemed the project as a great potential success, since geological and statistical data supports the main objective.
One of three companies, Talos Energy, is an extremely successful privately-held company. They are the smallest of the three businesses involved with approximately 120 employees, yet they have proven to be a very prominent organization. Established by a successful entrepreneur Tim Duncan and his partners, the company raised $600 million to help its start-up. Now, the company projects revenues so high that a $600 million figure could be reached in a single year. To know more about Talos Energy click here.
The principle of the business is to offer everybody a piece of the cake. By giving a portion of the equity to all of his employees, Duncan is giving them an incentive to outperform themselves. Also, he encourages everybody in the company to come forward with any ideas that might help make the operation successful. Having positive experience with this approach, Duncan has learned that it helps people feel important and be more motivated to work hard.
This approach earned Talos Energy a spot on the list of WorkplaceDynamics’ top workplaces among small businesses. By winning the bid to explore the off-shore well in Mexico, Duncan’s company has won a spotlight that many people now admire. The project will help the company further establish themselves, as well as change the oiling industry in Mexico!