Talos Energy discovered commercial quantities of oil and natural gas in the fourth quarter of 2022 at its Lime Rock and Venice prospects, located in the Gulf of Mexico near the company’s 100% owned and operated Ram Powell platform. Talos holds a 60% working interest in the two deepwater discoveries.
The company estimates gross recoverable resources in the range of 20 MMboe to 30 MMboe, averaging 40% oil and 60% liquids.
First production from both wells is expected by the first quarter of 2024. Production will flow via subsea tiebacks to the Ram Powell platform, which is 9 miles from Lime Rock and 4 from Venice.
Talos will collect volume-based production handling fees from the non-operating partners in both discoveries.
Lime Rock and Venice are the first two deepwater exploitation wells in the company’s current open-water rig program that started in the fourth quarter of 2022 and which will continue in the first half of 2023 with the Rigolets and Lisbon prospects, among others.
