Talos Energy issued a statement clarifying that the Company’s business will not be impacted by the recently announced Presidential Order extending the current moratorium on oil and gas development in the Eastern Gulf of Mexico (offshore Florida) and imposing new restrictions on oil and gas development in U.S. waters off the Atlantic coasts of Florida, Georgia and South Carolina.
Talos reiterates that 100% of the Company’s assets located in the federal waters of the U.S. are in the Central and Western Gulf of Mexico Planning Areas, which are unaffected by the Presidential Order. Therefore, these actions have no impact on the Company’s current or planned future operations and do not change the Company’s ability to continue to responsibly develop its existing properties, acquire new leases, or obtain new drilling permits. Approximately 80% of the Company’s U.S. net acreage is located in federal waters and approximately 20% in state waters and coastal lands.
Oil and gas production from the U.S. Gulf of Mexico contributes over $28 billion to the U.S. economy annually and sustains over 340,000 jobs across all 50 states. Royalties from oil and gas production are the second largest contributor to the U.S. Treasury behind only the federal income tax.
