Sept 22 (Reuters) – Talos Energy Inc (TALO.N) said on Thursday it will buy EnVen Energy Corp, a private producer in the deepwater U.S. Gulf of Mexico, in a $1.1 billion deal including debt.
As the data below demonstrate, this is a significant merger from a regional perspective. In 2021, the combined company would have been the sixth largest GoM producer of both oil and gas. The two companies are operating 105 platforms, and their 8 deepwater (>1000′) platforms are 14% of the GoM total. Their compliance records, while not at Honor Roll levels, are better than the GoM average based on INCs/inspection. Some major decommissioning projects loom (see the second table below), and the extent to which the merged company is financially prepared for these obligations is unknown. Particularly noteworthy is the Cognac platform, which was the world’s first platform installed in >1000′ of water.
| EnVen | Talos | |
| 2021 Oil (MMbbls) | 9.6 | 17.5 |
| GoM oil rank | 13 | 7 |
| 2022 Gas (Bcf) | 12.6 | 34.8 |
| GoM gas rank | 16 | 9 |
| 2021/2022 well starts | 8 | 8 |
| platforms: total | 14 | 91 |
| platforms >1000′ | 4 | 4 |
| BSEE inspections | 37 | 176 |
| 2022 INCs (W, CSI, FSI) | 12/4/1 | 38/23/10 |
| INCs/inspection | 0.46 | 0.40 |
Decommissioning obligations of note:
| Platform | owner | type | water depth (ft) | installed |
| Amberjack | Talos | fixed | 1100 | 1991 |
| VK 989 | Talos | fixed | 1290 | 1994 |
| Ram Powell | Talos | TLP | 3216 | 1997 |
| GC 18 | Talos | fixed | 750 | 1986 |
| Cognac | EnVen | fixed | 1023 | 1978 |
| Lobster | EnVen | fixed | 775 | 1994 |
| Brutus | EnVen | TLP | 2900 | 2001 |
| Prince | EnVen | TLP | 1500 | 2001 |
Bud's Offshore Energy (BOE) 
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