Talos Energy Ventures Into Gulf Of Mexico

Posted by

Tim Duncan –CEO of Talos Energy thought about his $ 2.5 billion mergers with a private oil company, Stone Energy. The company traded publicly and was bankrupt. Through the merger, Talos Energy gets a public entity that will not lead it to a public offer.

The Phoenix Field

The largest asset of Talos is Phoenix Field, formerly known as Typhoon Field. It is located 165 miles south of New Orleans and developed by Chevron. Chevron drilled six wells and installed a production platform connected to the bottom of the sea at less than 4,000 feet. After that, Hurricane Rita came in 2005; about 13,000 tons of typhoon platform spilled and drifted to the bay for 60 miles. Talos currently delivers 16,000 barrels of oil per day from the Phoenix to a single ship called Helix Producer. The project brought unpleasant memories to the environmentalists. In 2010, after the deep water horizon disaster, Helix helped capture some of BP’s Macondo 4 million barrels.

The Permian Basin is the largest oil province in the United States, pumping 1.6 million barrels of oil a day. Additionally, because most resources are in federal waters, oil royalties give about $ 3 billion a year to the US Treasury. The Trump regime has opened up more federal water resources. Despite this, drilling remains a high and expensive risk. According to Bernstein Research, when it reaches 5 miles, it costs $ 200 million, and the probability of drying is 1/3.

Talos Energy Inherits Pompano Platform

Talos most promising asset to be inherited from Stone is the Pompano platform. It represents $ 200 million from the BP acquisition, and some prospects have evolved into new drilling. Excessive infrastructure in Gulf region allows drillers “bridge” existing platforms, and Talos is separated from the newly discovered kilometers.

Field Wood, which is striving to come out of its debt, promises the future in the Mexican part of the Gulf region. Last year Talos was given access to Sierra Leone’s oil and gas in the new auction area in Mexican waters. It received support from British Premier Oil and River stone. They managed to hit a jackpot of a 1,000-foot-thick layer of oil-soaked sandstone, which may amount to 2 billion barrels.

Visit More : www.indeed.com/cmp/Talos-Energy