HOUSTON, June 8, 2021 /PRNewswire/ — Talos Energy Inc. (“Talos” or the “Company”) (NYSE: TALO) today announced that it has formed an exclusive joint venture with Storegga Geotechnologies Limited (“Storegga” and collectively, the “Partners”) to source, evaluate and develop carbon capture and storage (“CCS”) project opportunities on the United States Gulf Coast and Gulf of Mexico (“GOM”), including state and federal waters offshore Texas, Louisiana, Mississippi and Alabama. The Partners are actively exploring opportunities with counterparties along the CCS value chain.
Under the joint venture framework, the Partners, in collaboration, will originate and mature CCS ventures with emitters, infrastructure providers, service companies and financing partners, among others. The joint venture combines the strengths of Talos’s offshore operational and sub-surface expertise with Storegga’s leading end-to-end CCS project experience. Under the terms of the agreement, as individual CCS projects are matured in the future, each will be ring-fenced with separate operating agreements, financing structures and the possibility of additional working interest partners. The agreement requires zero up front capital commitments, and the Partnership will share costs 50/50 in the initial phases. Talos is designated as the operating partner of the joint venture.
Storegga is a European leader in CCS as a lead developer of