U.S. oil and gas company Talos Energy has started oil and gas production at Lime Rock and Venice discoveries, located near its Ram Powell platform in the U.S. Gulf of Mexico.
The Lime Rock and Venice wells were brought safely online in late December 2023 and have achieved an initial combined gross production rate of over 18,500 barrels of oil equivalent per day, averaging about 45% oil and 55% liquids.
The estimated combined gross ultimate recoverable resources of these two discoveries are approximately 20 to 30 million barrels of oil equivalent.
In addition to Talos's net production, the company will collect volume-based production handling fees (PHA fees) from non-operated partners in both discoveries.
Talos owns a 60% working interest in both deepwater wells.
The Lime Rock prospect was acquired in Lease Sale 256 in November 2020 and is approximately 7 miles from the Ram Powell facility.
The Venice prospect was identified within the existing Ram Powell unit acreage approximately 3 miles from the Ram Powell facility.
"The safe start-up of Lime Rock and Venice in less than 12 months is an extraordinary achievement by our operations team, which included new subsea installation and facility upgrade work.
“With these production additions, the Ram Powell facility is expected to achieve the highest combined sustainable production rate since approximately 15 years ago,” said Timothy Duncan, Talos President and Chief Executive Officer.
Talos initially held a 100% share in both prospects before farm-downs to 60% working interest.