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Repsol SA will farm out a 50% working interest to Talos Energy Inc. in Block 29 in the Salinas-Sureste basin, offshore Mexico.
Under the agreement, Talos Energy will make a contingent $30-million payment at final investment decision (FID), Talos said in a July 27 release. Terms also include a cash-carry of up to $20 million on the next exploration well and reimbursement of certain pre-closing costs, subject to customary terms and conditions, including Mexico’s regulatory approvals.
Upon closing, Repsol will remain operator and retain a 50% interest alongside Talos’ 50% working interest.
The companies anticipate advancing the project toward FID in 2027.
Block 29 development
Block 29 contains the Polok and Chinwol oil discoveries, estimated to hold more than 200 MMboe of gross recoverable resources. Oil was discovered by the Polok-1 and Chinwol-1 wells, which encountered net oil columns of more than 200 m and 150 m, respectively.
The 3,254-sq-km block lies about 88 km offshore Tabasco. Polok and Chinwol fields are about 16 km apart in water depths of 460-600 m.
The potential development concept centers on a floating production, storage, and offloading (FPSO) vessel anchored by the discoveries. The FPSO could serve as a hub for future developments and nearby discoveries in the area, Talos said.
The discoveries and identified prospects target amplitude-supported Miocene reservoirs analogous to fields Talos has developed and produced in the Gulf of Mexico, Talos said.
Notably for Talos, said president and chief executive officer Paul Goodfellow, the deal “adds a high-quality, large-scale development opportunity and meaningful exploration upside in a proven deepwater basin.”
