Arena Energy Makes Strategic Acquisition of Gulf of Mexico Shelf Properties from GOM Shelf
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Arena Energy has closed on the acquisition of seven blocks and twelve platforms in the Gulf of Mexico from GOM Shelf, LLC.
The acquisition includes net daily production of approximately 2,000 barrels of oil equivalent in fields with historically low decline rates and includes a majority interest in two of the largest fields in the shallow water Gulf of Mexico in Eugene Island 330 and South Marsh 128.
The acquired properties have significant operating synergies with existing Arena assets with optionality to restore and increase production and includes four platforms on lease blocks that Arena was recently awarded in lease sale 257.
“This transaction is an important milestone for Arena. We are ‘all in’ on the future of the shallow water Gulf of Mexico, and this acquisition — coupled with the leases recently acquired in Lease Sale 257 — is a natural extension of our strategy to be the premier operator on the Gulf of Mexico Shelf,” said Arena Co-Founder and CEO Mike Minarovic.
About Arena Energy
Arena Energy was founded in 1999 on the belief that mature producing areas of the Gulf of Mexico Shelf still held vast potential — and that with the right technology, talented oil and gas finders could unlock these drilling opportunities. Today, that vision has been realized many times over. Since its founding, Arena has grown into one the largest private offshore oil and natural gas companies, having invested more than $4 billion of capital in the Gulf of Mexico, paid $1.4 billion in royalties to the federal government, and decommissioned over 300 wells and 45 platforms and other structures. Arena takes pride in safely and responsibly producing the energy that powers the United States and the world.
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To stop by Arena Energy’s website, CLICK HERE
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Copyright © 2022 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
