Tim Duncan is determined to explore oil options in the Gulf of Mexico. In recent months discoveries of oil and gas in the Mexican side of the gulf have triggered a “feeding frenzy” to succor drilling rights. Duncan understands that there is a risk involved but with his recent acquisition of Stone Energy he feels that it is an acceptable risk.
The merger of Talos Energy with Stone Energy does give Duncan leverage he didn’t have before. The combination of the public entity and Duncan’s private entity with both companies providing similar services was the catalyst for the merger. Duncan understands that the risky Mexican waters provide some unique challenges. It was the realization of these challenges that drove him to consider combining forces with Stone Energy.
Duncan was challenged to get the deal done so he can gain leverage on new oil and gas fields in Mexican waters. The opportunities to obtain drilling rights and utilize the newer technology was hard to resist. Duncan does thrive on challenges. In the past, Duncan was instrumental in obtaining the Phoenix field and rehabilitating it after Hurricane Rita destroyed it. Phoenix field now produces 16,000 barrels a day with the expectation of producing more.
The acquisition of Stone Energy’s assets provides Talos Energy with new resources such as the Pompano platform. These existing platforms allow Talos Energy to explore the area and make new discoveries.
Duncan’s experience in the oil and gas industry spans twenty years. He worked for Zilkha Energy as an engineer in 1996. It was while he was working at Zilkha Energy that he learned the most about geology and the new developments in the industry. Duncan pursued this interest and helped launch Gryphon Exploration in 2000. The discoveries he made there encouraged him to continue his passion. It led him to cofound Phoenix Exploration in 2006.
Exploring new oil and gas fields is in Duncan’s blood. Talos Energy is poised to uncover many oil fields with untapped resources. The lesson learned from the BP disaster won’t be repeated and Duncan’s hope is for a rebound for deepwater explorers.
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