Core Laboratories, Euronext Amsterdam and Talos Energy Inc. have announced a strategic alliance to provide technical evaluation and assurance for carbon capture and sequestration opportunities.

Rhea-AI Summary

Core Laboratories N.V. (CLB) and Talos Energy Inc. (TALO) have formed a strategic alliance focused on carbon capture and sequestration (CCS) technologies. This collaboration aims to leverage Core Lab's reservoir optimization expertise and Talos's subsurface characterization skills to evaluate CCS sites effectively. The companies will utilize advanced reservoir characterization techniques, promoting transparency in CO₂ monitoring. Talos is also a member of Core Lab's CCS consortium to address challenges in subsurface CO₂ storage. Their combined efforts are positioned to enhance CCS solutions and contribute to climate initiatives.

Positive

• Strategic alliance enhances CCS capabilities between CLB and TALO.
• Collaboration focuses on effective evaluation of CCS sites.
• Utilization of advanced reservoir characterization techniques.
• Joint efforts aim to promote transparency in CO₂ monitoring.

Negative

• None.

AMSTERDAM, March 17, 2022 /PRNewswire/ -- Core Laboratories N.V. (NYSE: "CLB US" and Euronext Amsterdam: "CLB NA") ("Core", "Core Lab", or the "Company") and Talos Energy Inc. ("Talos") (NYSE: "TALO") have announced a strategic alliance to provide technical evaluation and assurance for carbon capture and sequestration ("CCS") opportunities. The alliance combines Core Lab's market-leading reservoir description and optimization technologies with Talos's expertise in subsurface characterization and engineering.

Under this alliance, Core Lab and Talos will collaborate to evaluate potential CCS sites for suitability and optimal subsurface stratigraphic targets through robust reservoir characterization techniques, including: stratigraphic test wells, reservoir core sampling and geological evaluation, as well as analysis of rock and fluid sample properties. These technical data sets will be used to deliver best-in-class sequestration assurance through custom subsurface evaluation and monitoring plans. The alliance also provides a framework for the two companies to further explore opportunities to collaborate on delivering technical assurance around transparency in monitoring and verification of CO₂ streams.

In addition to the alliance, Talos is participating as a member in Core Lab's recently inaugurated joint-industry CCS consortium. The consortium will enhance the nascent CCS industry's knowledge of the geotechnical challenges and risks associated with subsurface storage of CO₂, with a focus on considerations relating to reservoir capacity, injectivity and containment integrity.

Core Laboratories' CEO, Larry Bruno, commented, "We are excited to collaborate with Talos to deliver CCS solutions aimed at reducing industrial carbon emissions. This alliance, built on complementary technical strengths in subsurface characterization and reservoir optimization, will enhance the speed at which scalable, reliable and safe carbon sequestration solutions can be delivered to the market.  We are excited about the positive impact this work will ultimately have on climate initiatives."

Talos' Executive Vice President Low Carbon Strategy and Chief Sustainability Officer, Robin Fielder, commented, "We are pleased to announce this strategic alliance with Core Laboratories to collaborate on delivering technical assurance for our sequestration sites and, ultimately, for our customers.  Capitalizing on our respective subsurface expertise, this alliance further advances Talos's ability to deliver high-quality, end-to-end CCS solutions to potential customers across the Gulf Coast."

ABOUT TALOS ENERGY

Talos Energy (NYSE: "TALO") is a technically driven independent exploration and production company focused on safely and efficiently maximizing long-term value through its operations, currently in the United States and offshore Mexico, both upstream through oil and gas exploration and production and downstream through the development of future carbon capture and storage opportunities.  As one of the Gulf of Mexico's largest public independent producers, we leverage decades of technical and offshore operational expertise towards the acquisition, exploration and development of assets in key geological trends that are present in many offshore basins around the world.  With a focus on environmental stewardship, we are also utilizing our expertise to explore opportunities to reduce industrial emissions through our carbon capture and storage initiatives along the U.S. Gulf Coast and Gulf of Mexico.  For more information, visit www.talosenergy.com.

Core Laboratories N.V. is a leading provider of proprietary and patented reservoir description and production enhancement services and products used to optimize reservoir performance.  The Company has over 70 offices in more than 50 countries and is located in every major oil-producing province in the world. This release, as well as other statements we make, includes forward-looking statements regarding the future revenue, profitability, business strategies and developments of the Company made in reliance upon the safe harbor provisions of Federal securities law.  The Company's outlook is subject to various important cautionary factors, including risks and uncertainties related to the oil and natural gas industry, business conditions, international markets, international political climates, public health crises, such as the COVID-19 pandemic, and any related actions taken by businesses and governments, and other factors as more fully described in the Company's most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission.  These important factors could cause the Company's actual results to differ materially from those described in these forward-looking statements. Such statements are based on current expectations of the Company's performance and are subject to a variety of factors, some of which are not under the control of the Company.  Because the information herein is based solely on data currently available, and because it is subject to change as a result of changes in conditions over which the Company has no control or influence, such forward-looking statements should not be viewed as assurance regarding the Company's future performance.

The Company undertakes no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances that may arise after the date of this press release, except as required by law.

Visit the Company's website at www.corelab.com. Connect with Core Lab on Facebook, LinkedIn and YouTube.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/core-laboratories-euronext-amsterdam-and-talos-energy-inc-have-announced-a-strategic-alliance-to-provide-technical-evaluation-and-assurance-for-carbon-capture-and-sequestration-opportunities-301505414.html

SOURCE Core Laboratories N.V.

FAQ

What is the strategic alliance between Core Laboratories and Talos Energy?

Core Laboratories (CLB) and Talos Energy (TALO) have formed an alliance to enhance carbon capture and sequestration (CCS) capabilities, combining their subsurface expertise.

What are the main goals of the Core Laboratories and Talos Energy partnership?

The partnership aims to evaluate potential CCS sites effectively and promote transparency in CO₂ monitoring and verification.

How will the alliance benefit carbon capture technologies?

The alliance combines Core Lab's technologies with Talos's subsurface expertise to enhance the efficiency and reliability of CCS solutions.

When was the strategic alliance between CLB and TALO announced?

The strategic alliance was announced on March 17, 2022.

What is Talos Energy's role in the CCS consortium initiated by Core Laboratories?

Talos Energy is participating as a member in Core Lab's CCS consortium to address geotechnical challenges related to CO₂ storage.