On Thursday, Talos Energy (NYSE: TALO), the U.S. company, said it had discovered commercial quantities of oil and natural gas in a subsea well in the Gulf of Mexico.
The company, backed by billionaire Carlos Slim, said the Ewing Bank 953 well’s preliminary data indicated an estimated 15 to 25 million barrels of oil equivalent (boe) in resources and an initial gross production rate of 8,000-10,000 boe per day.
The well’s first production is expected to start in mid-2026, the company added.
Houston-based Talos Energy (NYSE: TALO) had been part of a small list of companies that made significant discoveries in the oil and gas exploration areas in offshore Mexico.
“This discovery follows a series of successful single-well subsea exploitation wells tied back to Talos-owned existing infrastructure, like Venice and Lime Rock, Sunspear, and Claiborne sidetrack,” said interim CEO Joe Mills.
Talos has also signed an agreement to participate in a separate prospective well named Sebastian, it said.
Oil and gas producer Murphy Oil (NYSE: MUR) would be the operator of the Sebastian prospect, where drilling results are expected in the fourth quarter of this year.
The prospect has an estimated gross resource potential of 9 to 16 million boe and a potential initial production rate of 6,000-10,000 boe per day, Talos said.
(Source: Reuters)
Kevin Putnam is a financial journalist and editor based in New York. He specializes in editing news and analysis related to U.S. stock market.
