Archive for the ‘Energy’ Category

Tim Duncan’s Shares His Story With Talos Energy

Tuesday, September 11th, 2018

Tim Duncan’s shares his story with Talos Energy.

Talos Energy was started as a privately owned company with its chief executive officer being Tim Duncan. For a period of about four months, Tim had been actively involved in having a merger between Talos Energy and Stone energy company with the merger going for $2.5 billion. Stone Energy was declared publicly as bankrupt being traded but being a public company, Tim was ready for the liability of acquiring the company. This was advantageous to Talos since it would be a public company without the expenses of going public.

Mr. Tim Duncan was determined to acquire Stone energy. Though at the time there was the Hurricane Harvey, it did not deter him. He took refuge at his native parental home, which though being in Houston was at high altitude and dry. Duncan says he would work from his parents’ dining table for weeks, burning the midnight oil so as to negotiate the deal.

In May, the deal of the takeover was completed. Talos blended with Stone Energy and Duncan would be the head of oil company which had a gross revenue of $900 million annually. Talos would later operate in risky Mexico with most of its assets being there. The risks of operation present were that of a likelihood of a disastrous spill as well as that of an expensive drilling platform going for hundreds of millions of dollars.

Duncan has always seen opportunities in tough situations. Talos has in its list of biggest assets Phoenix field previously known as Typhoon field, situated south of New Orleans by 165 miles. It was created by Chevron which progressed by making half-dozen wells and brought about a production platform, chained to the seafloor about 4,000 feet down.

In 2005, Hurricane Rita capsized the 13,000-ton Typhoon platform but Talos straightened up. It now injects into an exclusive ship called Helix Producer, 16000 barrels in a day. In 2010, after the disaster that happened in the Deepwater Horizon, Helix aided in capturing a portion of the four million barrels which cascaded from Macondo well.

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Houston-Based Talos Energy Is Exploring for Oil in Mexico

Saturday, April 14th, 2018

Talos Energy is one of the oil and gas companies that will be drilling an oil well in Mexico, specifically in the oil rich Sureste Basin. The basin is located just off of the State of Tabasco. Before the creation of this joint venture, no other companies have been permitted to drill in this location since 1938, with the exception of one company run by the state.

This is the result of a recent decision made by Mexico to begin to allow any foreign companies to drill in its territory. Talos Energy is an American company based in Houston, Texas. The other two companies in the joint venture are Premier Oil Plc. and Sierra Oil and Gas. The former is a london-based company, and the latter is Mexican-held company.

The Sureste Basin is thought to be home to somewhere between 100 million and 500 million barrels of crude, Talos Energy has a 35% share of ownership in the venture. The company specializes in the exploration activities and in the production of oil and natural gas.

Talos Energy was started in 2012, and founded by Timothy S. Duncan. Mr. Duncan is the Chief Executive Officer and President of the firm. In a press release earlier this year, the company reported on another project currently underway. This location is in the Phoenix fields of Green Canyon. It is off of the Gulf of Mexico, and the project is named Tornado II. The company announced that the first production from the Tornado II deep water well is in about 2,700 feet of deep water. This exploration began in December of 2017. They further reported a current production of a total of 12,350 daily barrels of oil.

Since its inception in 2012, the company has experienced a great deal of expansion and success under the leadership of Timothy Duncan and the rest of its management team.

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Turning over a new leaf for Obsidian Energy Ltd

Friday, March 23rd, 2018

Obsidian Energy company produces oil and gas and is located in Calgary, Alberta. The firm was previously known as Penn West Exploration Ltd, and after careful deliberation, the management decided to change the company’s name.

 

Every business venture has its share of challenges, and with the right structures and plans, it is always possible to pick up and become a great success. This was no different for the oil production company, the prices of oil fell around 2014, and this prompted a shakeup, this helped the firm overcome the hard-economic times and avoid massive debts as well as set up policies that would help them deal with future incidences.

 

The production of oil and gas comes from three primary places the Pembina Cardium, Alberta Viking, and Peace River oil sands in the Western Canadian Sedimentary Basin. In 2017, the company’s production per day was estimated to be 30,000 bbl.

 

Around 2008, Penn West Energy Trust funded a large disbursement, which produced a yearly rate of 15% and 16%, the firm also disbursed payments on a monthly basis for equities which had been listed on New York stock exchange. Read This Article to learn more.

 

The Turning Point

2017, was the turning point for Obsidian Energy, the company started off by changing the name, in the spirit of making changes the company also decided to reduce the number of employees from 1400 to around 300 this move would help maximize on the returns. The company also discovered the value of quality and not quantity this triggered the reduction of production barrels from 135, 000 to around 28 000 this would not only ensure the product is of high quality but also the company will be able to manage the production with more ease without stretching their financial capability.

 

The rename of the company to Obsidian sets to pursue development for the next three years, and their financial plan will be tied to oil and gas price, the CEO said the company settled on obsidian since its volcanic glass that can be “sharpened and honed.”

 

The new company name clearly describes their intention and their need to always learn new thing that will help progress their business.

 

 

View Source: https://en.wikipedia.org/wiki/Obsidian_Energy