Independent E&P Arena Energy LLC closed on its acquisition of Cox Operating LLC's interests in the Eugene Island 330 and South Marsh 128 oil blocks, a press release announced on Jan. 24.
Headquartered in Dallas, Texas, Cox Operating's interests add to Arena's existing ownership interest in the Gulf of Mexico fields, which it acquired recently from GOM Shelf LLC.
"This transaction—coupled with the recent acquisitions from GOM Shelf, LLC, as well as the leases awarded pursuant to Lease Sale 257—provides many years of additional inventory to allow Arena to continue producing some of the cleanest barrels for the U.S. and the world," Arena co-founder and CEO Mike Minarovic commented in the release.
Combined, the interests will add approximately 1,000 net boe/d to Arena's total production.
The Woodlands, Texas-based Arena is one of the largest private offshore oil and natural gas producers with over 300 decommissioned wells and 45 platforms and other structures in the U.S. Gulf of Mexico.
"We are confident that the Arena team will unlock significant value as we leverage proprietary seismic data to better understand these reservoirs to identify future drill wells, and ultimately increase production," Minarovic continued.
Recommended Reading
Seatrium Awarded Contract for FPSO Bound for Guyana’s Stabroek
2024-05-17 - The topsides fabrication and integration contract will be for the FPSO Jaguar, bound for the Whiptail Field in the Stabroek block offshore Guyana for Exxon Mobil.
Exxon Mobil Green-lights $12.7B Whiptail Project Offshore Guyana
2024-04-12 - Exxon Mobil’s sixth development in the Stabroek Block will add 250,000 bbl/d capacity when it starts production in 2027.
Exxon Ups Mammoth Offshore Guyana Production by Another 100,000 bbl/d
2024-04-15 - Exxon Mobil, which took a final investment decision on its Whiptail development on April 12, now estimates its six offshore Guyana projects will average gross production of 1.3 MMbbl/d by 2027.
Exxon Mobil Guyana Awards Two Contracts for its Whiptail Project
2024-04-16 - Exxon Mobil Guyana awarded Strohm and TechnipFMC with contracts for its Whiptail Project located offshore in Guyana’s Stabroek Block.
Petrobras Not in a Race with Guyana to Boost Production, CEO Says
2024-05-14 - While Brazil and Guyana aren’t necessarily competing to see which country can produce more oil, Petrobras’ CEO Jean Paul Prates jokingly said Brazil was winning, while adding that Bolivia’s falling production was an opportunity for Argentina.