Spanish energy group Repsol has agreed to sell a 50% stake in its Block 29 oil and gas development project in the Gulf of Mexico to US-based Talos Energy.
The transaction brings the American independent into the partnership, allowing Repsol to reduce its exposure to the asset while retaining a significant interest in the development.
Earlier this year, Shell agreed to sell its interest in the Na Kika platform and associated fields to subsidiaries of Talos Energy and Ridgewood Energy for $1.
The deal underscores the ongoing reshuffling of assets in the Gulf of Mexico, where major international oil companies are increasingly partnering with or selling stakes to US-focused independents.
Talos Energy, which has been actively expanding its footprint in the region, secures a half-share in the project through this agreement.
This move follows a broader trend of consolidation in the basin.
Earlier this year, Shell agreed to sell its interest in the Na Kika platform and associated fields to subsidiaries of Talos Energy and Ridgewood Energy for $1.7 billion.