Permian Resources Continues Expansion in New Mexico with $175 Million Deals
1/31/2024
(Reuters) — Permian Resources executed two transactions worth $175 million to buy acreage in New Mexico, the oil and gas firm said on Tuesday.
The company has acquired about 11,500 net leasehold acres and 4,000 net royalty acres located in Eddy County from undisclosed third-parties.
Eddy and Lea County accounted for 29% of crude oil production in the Permian - the largest oil producing basin in the U.S. - in the first quarter of 2023, averaging 1.7 million barrels per day.
Permian Resources acquired Earthstone Energy for $4.5 billion last year, boosting the shale producer's presence in the Delaware Basin.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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