Houston-based Talos Energy has acquired EnVen Energy Corporation, a private operator in the deepwater US Gulf of Mexico, for $1.1bn.
The transaction will increase Talos’ production by 40% and gross acreage by 35%. It will also double Talos’ operated deepwater facility footprint, adding key infrastructure in existing Talos operating areas.
EnVen currently produces approximately 24 MBoe/d in the US Gulf of Mexico that is more than 80% oil-weighted, more than 90% operated and more than 95% from deepwater regions. EnVen operates numerous platforms, including five major deepwater facilities with significant open capacity and holds an acreage footprint of approximately 420,000 gross acres in core deepwater areas for future infrastructure-led development, exploitation and exploration opportunities.
According to a statement, Talos believes the acquisition will position it to accelerate organic, value-creating activities through its Upstream and CCS business segments, as well as business development activities going forward.
The transaction, expected to close around year end 2022, is subject to customary closing conditions.
