Talos Energy based in Houston, Texas, is a classic example of a “young and hungry” new company jumping out of the gate and determined to do things just a little bit differently.
The upstart wildcatter operation was founded by Timothy Duncan who has served as CEO since opening the doors on the company in 2012. Duncan brings vast experience to his role as leader of freshly minted firm.
Duncan formerly served as Senior Vice President of Business Development of Phoenix Exploration, an outfit of which he was also the founder. At Phoenix, Mr. Duncan was responsible for all business development activities as well as organizing the sale of the company to buyers headed by the Apache Corporation.
Talos Energy has hit the ground running with an aggressive plan to explore for oil resources in the waters of the Gulf of Mexico. While most wildcatters prefer the “higher percentage” play of drilling on land, such as in the Texas Permian Basin, Duncan believes that drilling in the Gulf hold greater promise for longer-term payoffs.
He is also been making international news for his historic partnership with Pemex, the Mexican state-owned oil giant that has not allowed a private foreign operation to drill in its sovereign territory since it nationalized its oil industry in 1938.
Talos Energy sunk a well in Mexican Gulf waters in 2017 and appears to have made significant find. The so-dubbed ZAMA-1 project may have uncovered a site that holds up to two billion barrels of crude oil equivalent. In addition to partnering with Pemex, Talos was joined by Sierra Gas and Oil, a Latin American company and the British firm Premier Oil. Talos will enjoy a 35% share in the ZAMA project.
It’s a striking example of the innovative approach that Tim Duncan and his team have opted to pursue. The risk of such projects is almost certainly higher, but the potential payoff will be enormous if all goes well — and so far that appears to be the case.
It all makes Talos Energy a company that industry observers say is the one to watch in the coming decade.
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