Occidental Petroleum Corp.
said it acquired acreage and interests in enhanced oil recovery assets
in the Permian Basin in transactions totaling roughly $2 billion,
joining a series of deals in the prolific West Texas drilling field.
The
leasehold deal includes 35,000 net acres in Reeves and Pecos counties
in Texas, expanding Occidental Petroleum’s position in the area to
nearly 59,000 acres. The leasehold acreage includes production of
roughly 7,000 barrels of oil equivalent a day.
The
enhanced-oil-recovery transaction increased Occidental’s ownership in
several properties where it is the operator or an existing working
interest partner.
In
“enhanced oil recovery” a number of techniques—including injecting
carbon dioxide into wells—can be used to coax hard-to-reach oil out of
mature energy fields.
Write to Tess Stynes at tess.stynes@wsj.com
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