Consider the Phoenix field, a series of oil platforms drilled into the Gulf of Mexico about 165 miles south of New Orleans. After Hurricane Rita blasted across this area and knocked over a production platform anchored 4000 feet below the surface, that was it. Everyone wanted out. The incident earned this facility the name “Typhoon Platform.” No energy company wanted to touch it again.
Except for one — a scrappy upstart company known as Talos Energy. Formed in 2012 by one of today’s most dynamic oil company execs, Timothy Duncan, Talos took over the devastated site. It is now pumping 16,000 barrels a day into an innovative vessel called the Helix Producer.
This is a placeholder account for Talos Energy LLC in Houston, Texas. Questions about the company should be directed to 713-328-3000.
— talosenergy (@talosenergyllc) February 12, 2013
The story of the Typhoon Platform is a vivid representation of the spirit of Talos Energy. Based In Houston, this is a company that sports a central philosophy demonstrating its willingness to explore, drill and extract in locations where other companies just aren’t willing to go.
Another example might be the new Talos partnership with none other than Pemex. Yes, that’s the Mexican national oil corporation which has not allowed a foreign entity to drill in Mexican waters since 1938, the year Mexico nationalized its oil industry.
In general, world observers consider Mexican oil risky because of the potential instability in the political climate and the perhaps peculiar approach the Mexicans have traditionally shown toward energy development.
But Tim Duncan sees opportunity here. His decision to enter into an agreement with Pemex appears to have paid off big. In 2017 Talos dropped an exploratory well off the coast of Tabasco and made a significant find. The new well, dubbed the ZAMA-1, may harbor as much as 2 billion barrels of crude equivalent.
So far, the Talos Energy strategy of going in where others won’t appears to be bringing exciting results.