Texas-based independent exploration and production company Ring Energy has announced a purchase and sale agreement for wells and leaseholds on 14,000 net acres in the Delaware Basin located in west Texas

Hess and Oxy in Permian deal

USA

HOUSTON, June 19, 2017 – Hess Corporation and Occidental Petroleum on Monday announced a USD 600-million deal for a stakes in enhanced oil recovery (EOR) assets in the Permian Basin.

 

The transaction covers Hess’ interests in the Seminole-San Andres Unit and Seminole gas processing plant in Texas. The deal also extends to assets in New Mexico; the West Bravo Dome CO2 field and Hess’ 9.9% non-operated stake in the Bravo Dome unit.

In a separate press release, Oxy said it would be divesting “non-strategic acreage in Andrews, Martin and Pecos Counties” to raise the proceeds for the transactions. The deal with Hess is expected to add some 3,500 boepd in production.

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