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Arena Energy Makes a Deal with Cox in GoM, Adding ca. 1,000 net boe/d to Arena's Total Production03/01/2023
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. 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.
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