HOUSTON, Oct. 23 (Xinhua) -- The Houston-based Surge Energy U.S. Holdings Co. has been expanding its scale of oilfield assets through exploration and acquisition, overcoming challenges brought by oil price shocks and the COVID-19 pandemic, the company's CEO said Friday.
Houston Business Journal (HBJ) recently announced the 2020 "Middle Market 50" award and the "Best Places to Work" award. Surge Energy was on both lists, the only company winning both awards in Houston, known as the Energy Capital of the World.
"We continue to pay attention to the oilfield divestitures market, expanding the scale of oilfield assets through the exploration and acquisition of working interests or mineral rights," said L. Guan, CEO of Surge Energy, a wholly-owned subsidiary of Chinese company Xinchao Energy. "This would be impossible without the strong support from the parent company," he stressed.
Founded in 2015, Surge Energy has invested over 4 billion U.S. dollars in the U.S. state of Texas. As a local oil company in Texas with a Chinese background, Surge Energy has established an inclusive corporate culture, focusing on mutual understanding between employers and employees, as well as between two cultures.
According to Guan, the company will continue to seek opportunities to further expand its investment portfolio and company scale, striving to be a large oil and gas competitor.
Surge Energy currently has about 93,000 net acres of land lease rights and more than 700 producing wells in the Permian Basin in western Texas and eastern New Mexico, the largest source of shale oil production growth in the United States.
In 2019, Surge Energy drilled the longest known lateral well in the Permian Basin's Borden County to a total measured depth of 7,496 meters with a horizontal displacement of 5,467 meters (3.4 miles). It broke the cognition that a three-mile (4,828 meters) horizontal well is the engineering and technical limit in shale oil industry.
Guan said the record of the longest horizontal shale oil well in the Permian Basin "is only a testimony to Surge's technological breakthroughs and innovation-driven company culture."