The US$508 million transaction includes approximately 25 000 net acres in the Southern Delaware Basin in Texas.
The new company is expected to produce 108 000 to 114 000 boe/d in 2022, with adjusted core earnings between US$750 million and US$800 million.
The alliance will provide operators with advanced insight to determine their reservoir potential for oil and gas production or carbon storage.
The Railroad Commission of Texas issued a total of 732 original drilling permits in April 2021 compared to 456 in April 2020.
The company has appointed commercial director Andrew Law as CEO, succeeding Enteq founder Martin Perry.
Once online at BP's US$9 billion Mad Dog 2 project, Argos, a semi-submersible, floating production platform, will be the company’s fifth operated platform in the Gulf of Mexico.
A series of tests were successfully performed on a Weatherford test rig in Houston, US, to demonstrate and verify the integration and functionality of the managed pressure drilling and automated well control technology.
Enverus' summary of 1Q21 US upstream M&A activity shows US$3.4 billion in deal value was transacted during the quarter – an 88% decline from 4Q20.