Tim Duncan is not a newbie when it comes to the business of oil. His father was in the same boat. What may be different about him, is the ability to seize the opportunity.
Despite starting out in small towns, his business acumen skills match those of people at Wall Street, New York. His first mentor to the business was Selim Zilkha of Zilkah Energy in the year 1996. The sale of a 50 person company to a tune of $ 1.2 billion challenged the young engineer.
He set out to accomplish one of his personal goals,’’ …challenge of building something that other folks may come to the conclusion you can’t build anymore.” Talos energy incepted in the year 2012, is leaping the Gulf of Mexico.
As the Chief Executive Officer of the company, Duncan is out to ensure that the future will be bright. The fact that supports his vision is;
Expected Growth of Phoenix Exploration
In the year 2006, Duncan co-founded company with a backing of $350 million in equity from Riverstone, Pine Brook Road, and Soros Fund. After making discoveries in the Belle Isle Field near Louisiana’s Atchafalaya Bay, they sold the company. He later acquired Phoenix and other assets in the year 2013.
Phoenix, the most significant asset of Talos, is pumping 16,000 barrels daily. On top, they reevaluated the seismic data and had discoveries 3,000 feet of the old reservoirs. The future of the company is promising.
Acreage in Mexican Water
The company was able to acquire some actioned land. With their first drill, there were able to hit a 1,000-foot-thick layer of oil-soaked sandstone containing perhaps 2 billion barrels. With such prospect in the Gulf waters, it is a promise of production for a decade.
It is one of the promising assets they acquired from Stone Energy Company. It is worth $ 200 million with several prospects that are ripe for new drilling.
Energy under Duncan is genuinely not planning to leave the Gulf of Mexico soon. But the future does look to be shinning on their favor.
Read More : www.crunchbase.com/organization/talos-energy