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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

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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U.S. Oil and Gas Drilling 2023-2024 Report: Rigs, Onshore, Offshore Activity, Biggest Companies

In January 2024, the United States saw a mix of ups and downs in the number of active drilling rigs across its major oil shale regions and states. Starting with the shale regions, the Permian Basin led with a slight increase, reaching 310 rigs, which is 3 more than in December. The Eagle Ford in East Texas held steady with 54 rigs, unchanged from the previous month. Meanwhile, both the Haynesville and Anadarko regions saw a decrease by 2 rigs each, landing at 42 rigs. The Niobrara faced a larger drop, losing 4 rigs to settle at 27. On a brighter note, the Williston Basin and the Appalachian region saw increases of 2 and 1 rigs, respectively, resulting in counts of 34 and 41 rigs.

Chevron is selling its Canadian shale production operations as part of a wider plan to concentrate its investments on more profitable projects in the United States.

As world leaders gather at the COP29 climate summit, a surprising trend is emerging: some of the biggest oil companies are scaling back their renewable energy efforts. Why? The answer is simple—profits. Fossil fuels deliver higher returns than renewables, reshaping priorities across the energy industry.

The global oil market is full of potential but also fraught with challenges. Demand and production are climbing to impressive levels, yet prices remain surprisingly low. What’s driving these mixed signals, and what role does the U.S. play?

Shell overturned a landmark court order demanding it cut emissions by nearly half. Is this a victory for Big Oil or just a delay in the climate accountability movement?

2024 blog posts