The team at Talos Energy are no strangers to seeking and exploiting natural resources in the Gulf of Mexico. In the fall of 2017, CEO of the company Tim Duncan was in the middle of bargaining for ownership of Stone Energy while hurricane Harvey was raging through the city of Houston, Texas.
Though the storm made negotiations a bit difficult, Talos Energy successfully absorbed the assets of Stone Energy. One of the most significant assets that came with the failed explorative corporation is the Pompano platform. The Pompano platform, once owned by BP, sold for a remarkable $200 million price tag.
More recently, the team at Talos Energy participated in bidding for 14 blocks of acreage in the Gulf of Mexico at the federal lease sale. Although they had plenty of competition, Talos was able to come out on top by scooping up all 14 blocks. With a bill of $5.3 million and 75,000 new net acres to work with Talos Energy is sure to find more success in the Gulf.
One of the most significant resources owned by Talos Energy is the Phoenix field, once called the Typhoon field. Chevron formerly held the location, 165 miles south of New Orleans, and built a 13,000-ton platform which tethered neatly to the seafloor 4,000 feet below.
Unfortunately, when Hurricane Rita hit the Gulf of Mexico, it sent the platform drifting 60 miles away. That is when the team at Talos Energy stepped in and cleaned up the mess left behind from the storm. Now, the company has an exclusive ship which they call the Helix Producer that can retrieve 16,000 barrels or more a day.
Helix Producer also played a significant role in cleaning up BP’s Macondo mess in 2010 that left four million barrels worth of oil seeping into the Gulf of Mexico. Once Talos Energy acquired the Phoenix Field they reviewed the seismic data for the reservoirs and found that they could search for new opportunities 3,000 feet deeper than what Chevron drilled initially.
In 2017, Talos Energy made another move in the Gulf, this time working with a U.K backed competitor to gain a foothold in Mexican waters. Now, Talos Energy is the first company in 80 years to drill for resources in Mexican waters other than Pemex.