Category Archives: Firm

Talos Energy Discovers 2 Billion Barrels of Oil Off Mexico’s Gulf Coast

In an effort to boost their decreasing energy revenues, Mexico began to deregulate their oil and gas market in 2014, breaking the monopoly of Petróleos Mexicanos, also known as PEMEX. This move allowed foreign companies to come in and drill for oil and gas. These foreign companies were also allowed to lay pipelines and build refineries. In 2015, Mexico started auctioning off blocks of land to the highest bidder.

However, the timing seemed less than ideal with the fall of oil prices from $100 a barrel in 2014 to $26 a barrel in 2016. Additionally, the instability of Mexico caused some to shy away from the idea. The theft of gasoline from PEMEX pipelines went from 200 incidents in 2006 to around 7,000 in 2016, costing the company an estimated $1.7 billion in 2016 alone. The election of Donald Trump as president of the United States and his stance on illegal immigration, unfair trade, promises to build a border wall, and threats of renegotiating the North America Free Trade Agreement with Canada and Mexico could cause the Mexican legislators to put an end to the energy reforms.

None of this, however, seemed to dissuade Houston offshore oil company Talos Energy and its CEO Tim Duncan. During Mexico’s first auction in 2014, they awarded only two of the 14 blocks that were up for bid. Talos Energy and its partners were awarded both blocks as the competition was meager at the time. Since then, however, bidding for Mexico’s offshore blocks have become more competitive with Exxon Mobil, Chevron, and Eni all bidding.

Since Mexico opened its shores to oil and gas exploration in 2014, Talos Energy has discovered an estimated 2 billion barrels of oil in the shallow waters of the countries coast. The site is located along the Gulf of Mexico, approximately 37 miles from Puerto Dos Bocas.

The well, named Zama-1, is in just 500 feet of water. Duncan says that the reserve looks to be very big and to develop the site will take at least four years. Talos Energy plans to continue drilling until they reach a depth 14,000 feet. The goal of Talos Energy and its partners is to develop the site for oil production while the service costs are low and then start producing when oil prices begin to recover.

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Tony Petrello’s Story of Rising to the Top of Nabors Industries

Mr. Tony Petrello is one of the top executives in the United States, having been employed by Nabors Industries since 1991. Although not the top-paid executive any longer, he earned a whopping $68.2 million in 2014 thanks to his exceptional leadership and decision-making skills.

Petrello was born in Newark, New Jersey, to a working-class family. Although his family didn’t have enough money to enlist him in private school or afford tutors, Tony’s mathematic skills were off the charts. Friends, family members, and teachers quickly recognized his academic ability. His parents have even said that Tony read academic textbooks prior to entering kindergarten, unlike virtually every other child that age.

Exceeding in mathematics, Tony Petrello wanted to work as a mathematician throughout his time in grade school and at Yale University. Tony Petrello excelled in doctorate-level calculus and linear algebra, far beyond the academic scope of virtually everyone his age. After high school, he lived in a dormitory with shared rooms, unlike most other executives who’ve likely been fed from proverbial silver spoons.

Tony Petrello went to Yale University, offered a full scholarship due to his advanced mathematical abilities. Following both a bachelor’s and master’s in mathematics in only four years, Petrello changed his mind about his career. He enrolled in Harvard’s School of Law, where Mr. Petrello earned his Juris Doctorate.

He began working for Baker & McKenzie, a law firm focusing on international law. Mr. Petrello was named Managing Partner in 1986. From that date onwards, Tony Petrello dealt with several clients, one of which was Nabors Industries. Executives at the energy company asked Petrello to join their ranks for several years, although he wasn’t responsive to the requests at first. Finally, in 1991, Mr. Petrello moved to Houston, Texas, where he initially served as Nabors’ Chief Operating Officer and President. He’s currently the Chairman of the Board, President, Chief Executive Officer, and Chairman of the Executive Committee.

Nabors Industries has more land-based oil drilling rigs than any other entity in the world. While not a leader in offshore drilling, Nabors is undoubtedly a staunch competitor in ocean-based oil drilling. The organization is listed on the S&P 500, a stock index of the largest, best-performing entities in the world. Nabors also provides consulting services to those in the oil, gas, and energy industries, drills for independent parties, and has a number of software performance tools for others to benefit from.

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