- Talos encountered 78 feet, and 72 feet of net hydrocarbon pay in the primary targets at Lime Rock and Venice, respectively.
- The company expects the Lime Rock and Venice discoveries to bring Ram Powell’s production rates to levels last seen approximately 15 years ago.
On Tuesday, Talos Energy, a U.S. oil firm said Tuesday that its two deepwater wells in the U.S. Gulf of Mexico had discovered commercial quantities of oil and gas during drilling operations in the fourth quarter of 2022. Talos encountered 78 feet, and 72 feet of net hydrocarbon pay in the primary targets at Lime Rock and Venice, respectively, which, the company says, has excellent geologic qualities. The company collected pressure, fluid and core samples from the wells to confirm the discoveries.
Talos said the expected combined gross recoverable resources were in-line with pre-drill estimates of 20-30 million barrels of oil equivalent (“MMBoe”), averaging approximately 40% oil and 60% liquids. The first production from both wells is expected by the first quarter of 2024. Subsea tieback distance to the Ram Powell facility is 9 miles for the Lime Rock discovery and 4 miles for the Venice discovery.
Timothy S. Duncan, the President and Chief Executive Officer of the Company said: “I’m proud of our team for starting our deepwater drilling campaign with consecutive early successes. These two discoveries are case studies of the exciting potential that infrastructure-led development can bring to the U.S. Gulf of Mexico. It translates to providing material production and cash flow in 2024 and beyond while reducing our operating cost structure through PHA fees and our carbon intensity through low-emission subsea production.”