CATEGORIZED | News

Oxy buys Permian Basin, Piceance Basin acreage

Posted on 28 September 2008

In the Piceance basin in the first half of 2008, Occidental produced in excess of 50 million cu ft/day. Occidental expects this to grow to at least 200 million cu ft/day in 2010, including this acquisition. Occidental’s net acreage position in the Piceance Basin now totals 129,000 acres.

In a transaction that was announced last year, Occidental acquired a 50% interest in these properties and is purchasing the remainder in this transaction. Closing of this transaction is expected in the fourth quarter and is subject to government approvals.

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 22 December 2014

    BP and SOCAR to explore shallow water Absheron Peninsula

    BP and SOCAR signed signed a new production sharing agreement (PSA) to jointly explore for and develop potential prospects in the shallow water area around the Absheron Peninsula...

  • 17 December 2014

    Saudi Aramco: Four factors for a sustainable drilling business

    Despite the modest growth in demand and drop in oil prices today, the long-term outlook for industry is healthy. “Our industry will need to add around 40 million bbl per day for new capacity...

  • 16 December 2014

    Ensco development program produces driller in 3 years

    Ensco’s Accelerated Development Program (ADP) takes a “green” individual and, within a three-year period, trains them to become a driller. In response to personnel shortages in various areas, including drilling...

  • 16 December 2014

    Saudi Aramco: ‘Industry cannot afford to lose talent when the economy is down’

    Industry is facing a human resources challenge in two areas: the ageing workforce and the shortage of skills, Mohammed Al Sellemi...

  • 16 December 2014

    Nanotechnology has potential to improve tool performance in extreme environments

    In terms of temperature stability and corrosion, tools have limitations, especially in extremely challenging drilling environments. Jothibasu Ramasamy...

  • Read more news