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Arena Energy Makes a Deal with Cox in GoM, Adding ca. 1,000 net boe/d to Arena's Total Production
03/01/2023![Arena-Energy-Makes-a-Deal-with-Cox-in-GoM-Adding-ca-1-000-net-boe-d-to-Arena-s-Total-Production](https://images2.rextag.com/public/blog/128Blog_Arena_Energy_Makes_a_Deal_with_Cox_in_GoM.png)
On January 24 Independent E&P Arena Energy LLC acquired Cox Operating LLC's interests in the Eugene Island 330 and South Marsh 128 oil blocks.
Cox Operating, based in Dallas, Texas, includes interests to Arena's existing ownership interest in the Gulf of Mexico fields, which it purchased from GOM Shelf LLC.
According to Arena co-founder and CEO Mike Minarovic, the transaction and the recent purchases from GOM Shelf, LLC, as well as the leases awarded under Lease Sale 257, guarantee many years of additional inventory, which let Arena proceed with producing some of the cleanest barrels for the U.S. and the world. All the interests include almost 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.
Arena Energy primarily focuses on acquiring and developing oil and gas properties in the shallow waters of the Gulf of Mexico. The company's strategy is to acquire and develop assets with low-risk development opportunities and exploration potential.
Arena Energy has a highly experienced management team with a proven track record of success in the oil and gas industry. The company's management team has extensive knowledge of the Gulf of Mexico region and has successfully developed and operated numerous offshore oil and gas projects.
Meanwhile, Cox Operating is primarily focused on the Permian Basin region of West Texas and New Mexico. Cox is known for its strong technical capabilities and expertise in reservoir engineering and geology.
While both companies are privately held, Cox Operating stands out as a larger business compared to that of Arena Energy (by both production volumes and the number of employees).
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Hess Corp. Increases Drilling Activity Before Chevron Takeover
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Hess Corp. is in the final stages of a major sale to Chevron, with increased drilling and production in the Bakken region noted in the last quarter. Hess announced its fourth-quarter net production in the Bakken reached 194,000 barrels of oil equivalent per day (boe/d), a slight increase from the third quarter's 190,000 boe/d and a significant 23% rise from the 158,000 boe/d seen in the fourth quarter of the previous year. This growth is attributed to more drilling and the impact of the previous year's severe winter weather.
Riley Will Pay $330 MM to Acquire Assets in NM from Pecos Oil & Gas
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Oklahoma City-based Riley Exploration Permian Inc. is extending its presence in New Mexico through the acquisition of oil and gas assets from Pecos Oil & Gas LLC, valued at $330 million in cash, according to the company's announcement on February 28.
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The pipeline industry in the USA faced and still faces a range of regulatory challenges, including permitting delays, environmental requirements, and public opposition to pipeline projects. In recent years, pipeline projects like the Keystone XL and Dakota Access pipelines had legal and regulatory obstacles that delayed or canceled their construction. Keystone XL Pipeline, proposed by TransCanada in 2008, aimed to transport crude oil from Canada (around Calgary and Edmonton) to refineries on the Gulf Coast (Port Arthur). The project faced opposition from environmental groups and indigenous communities, who argued that it would contribute to climate change and pose a risk to water resources. In 2015, President Obama rejected the project, citing concerns about its environmental impact. However, in 2017, President Trump revived the project, leading to further legal challenges. In June 2021, U.S. President Joe Biden officially canceled the project on his first day in office.
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The renewable natural gas (RNG) industry in the United States is showing promising signs of growth. As of 2019, the U.S. consumed 261 billion cubic feet (BCF) of RNG, primarily utilized by independent power producers, electric utilities, and various commercial and industrial entities. However, this figure represents only a small fraction of its potential. Research indicates that the U.S. could theoretically produce up to 2,200 BCF of RNG through anaerobic digestion alone, which would equate to about 11% of daily national natural gas consumption.
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Recently, the progress toward an energy transition is hitting a snag. Sales of electric vehicles are decelerating, and the growth in wind and solar power needs to be keeping pace with expectations. To make matters more challenging, electricity prices are climbing when they were expected to fall. Amidst these setbacks, the oil and gas sectors are proving resilient. According to BP's latest energy outlook, not only are these energy mainstays here to stay, but their demand is expected to remain relatively high even after reaching a peak. Interestingly, BP forecasts that oil demand will reach its zenith next year, marking a critical moment in energy consumption trends. This isn't the first time BP has projected a peak in oil demand. Back in 2019, their review anticipated a decline in demand growth, but the prediction fell flat. Instead, oil demand surged to unprecedented levels following the end of the global pandemic lockdowns, defying previous forecasts and underscoring the enduring dominance of traditional energy sources in the global market.