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Talos inks 2 agreements with BP, Exxon to explore Gulf of Mexico

Houston-based oil and gas producer Talos Energy Inc. signed two separate agreements with oil majors BP PLC and Exxon Mobil Corp. on exploration opportunities in the U.S. Gulf of Mexico.

Talos said in a Sept. 19 release that it will work with BP to drill and evaluate the Puma West prospect in the Talos-owned Green Canyon in Block 821. Talos will retain a 25% stake in Puma West, while the remaining 75% interest and operatorship will go to BP. The Seadrill West Auriga ultra-deepwater drillship will drill an initial exploration well before the end of October.

In another agreement, Talos acquired a 100% stake in the Hershey prospect from Exxon and will be the designated operator of Green Canyon Blocks 326, 327, 370 and 371, constituting about 23,000 gross acres. Based on preliminary estimates, Talos believes that the prospect could contain oil-weighted, gross unrisked resources of 100 million barrels of oil equivalent to 300 million boe if successful. In addition, the prospect may also be developed into a subsea tie-back to multiple Green Canyon facilities controlled by the company or with new, dedicated infrastructure.

Financial details were not disclosed.