Talos Energy, headquartered in Houston, has revised the production timeline for two significant deepwater discoveries, Lime Rock and Venice, located in the U.S. Gulf of Mexico. The company announced the commercial viability of oil and natural gas in these prospects during the fourth quarter of 2022. These discoveries, which are situated near Talos Energy's tension-leg platform (TLP), the Ram Powell offshore production platform, are being developed as subsea tie-backs. The estimated combined gross recoverable resource of 20-30 million barrels of oil equivalent is anticipated to commence production ahead of schedule by the end of 2023, with an expected daily output of around 15-20,000 barrels of oil equivalent.

The Ram Powell facility, acquired by Talos Energy in 2018, has played a historic role, producing approximately 250 million barrels of oil equivalent as the world's deepest production facility at the time. Following the acquisition, Talos initiated optimization projects that not only increased production rates but also reduced costs. The facility also entered into a third-party production handling agreement.

Both Lime Rock and Venice are strategically important discoveries for Talos Energy. Lime Rock, acquired in Lease Sale 256 in November 2020, is positioned around 9 miles from the Ram Powell facility. Meanwhile, the Venice prospect was identified within the existing Ram Powell unit acreage, approximately 4 miles from the Ram Powell facility.

In addition to these developments, Talos Energy recently announced another commercial oil and natural gas discovery in the Gulf of Mexico. This new discovery is slated to be tied back to the Prince platform, with the first oil expected within the next 18 to 24 months. Talos Energy's proactive approach to exploration and development underscores its commitment to advancing energy exploration frontiers in the region.