(Bloomberg) – A new oil and gas company backed by Talos Energy founder Tim Duncan has entered the U.S. Gulf through the acquisition of Renaissance Offshore, marking its first move into U.S. offshore production.
Talos Energy founder Tim Duncan
The company, 1947 Oil & Gas Plc, was co-founded by Duncan alongside former Goldman Sachs commodities strategist Jeff Currie and investor Ivan Murphy. The deal gives the new venture an initial producing footprint in shallow-water Gulf assets, with current output of about 3,000 boed.
The acquisition reflects continued interest in Gulf of Mexico/Gulf of America assets, where established infrastructure and stable production profiles offer opportunities for smaller operators to scale output efficiently. Production from the acquired assets is expected to rise above 4,000 boed next year.
Duncan, who founded Talos Energy and has extensive experience in U.S. Gulf development, will serve as executive chairman, bringing operational and regional expertise to the venture’s growth strategy.
Currie’s involvement marks a shift from market analysis to direct upstream participation, adding a macroeconomic perspective as the company evaluates further investment opportunities.
The company’s name references the first offshore oil well drilled out of sight of land in the Gulf of Mexico, underscoring its focus on offshore development. The region currently produces roughly 2 MMbpd and remains a key component of U.S. supply.
The move comes as operators and investors continue to assess opportunities in offshore basins amid market volatility, with a focus on assets that can deliver near-term production and cash flow.
Image: Talos Energy
