Houston-based Talos Energy was recently awarded the 2017 Discovery of the Year Award at WoodMac’s annual awards event. The honor was bestowed on Talos Energy in recognition of the company’s offshore Zama oil discovery, a 165m-deep well located at Block 7 in the southeast basin of the Mexican coast. Zama is Mexico’s first private-sector offshore well and is expected to have an output of 1.4 to 2 billion barrels. Timothy Duncan, the CEO of Talos Energy, called the Zama find “historic and significant.”
Talos Energy was formed from the merger of Talos Energy and Stone Energy in a $2.5 billion deal. Currently, Talos is set to acquire Whistler Energy for $52 million in a deal that will expand Talos’ holdings in the Gulf of Mexico. Among Whistler’s assets are Green Canyon 18, Green Canyon 60 and Ewing Bank 988. The company also owns a 750-ft. deep platform in Green Canyon Block 18.
CEO Duncan said that Talos is excited about the purchase inasmuch as it is a perfect fit for the expanding company. He cited the reasonable entry costs, available capacity, and new seismic activity in a region with prolific hydrocarbon geology. He added that Talos would be undertaking field research to identify new drilling spots in these assets to expand the company’s portfolio, giving Talos new avenues to pursue.
Duncan is a Talos co-founder, having gotten his start at Phoenix Exploration and Gryphon Exploration in addition to other energy firms. Duncan holds a bachelor’s in petroleum engineering from Mississippi State University and an MBA from the University of Houston. In 2016, he was awarded an Ernst & Young Entrepreneur of the Year Program in the Gulf Coast Energy division, in recognition for his achievements with Talon Energy. He is also a member of Society of Petroleum Engineers and the National Ocean Industries Association.