U.S.-based oil and gas firm Talos has entered into a 50/50 partnership with the Spanish oil company Repsol to conduct a seismic reprocessing project in the U.S. Gulf of Mexico.
Talos said this week that the project would cover approximately 400,000 gross acres, of which 96,500 acres are under lease by Talos, in the deepwater Green Canyon and Atwater Valley areas of the U.S. Gulf of Mexico.
The joint venture aims to identify future subsea tie-back exploitation and exploration prospects in the area using Talos's Neptune facility as the host platform.
"We have recently signed an important exploration agreement with Repsol, where we are pooling resources with the goal of developing an inventory of impactful wells that could be tied to existing Talos infrastructure," Talos President and Chief Executive Officer Timothy S. Duncan said.