Oxy takes action in Permian

By

 07 February 2013 23:59 GMT

Occidental Petroleum has snapped up an asset package in the Permian basin in the US from privately held J Cleo Thompson for a little more than $1 billion, writes Noah Brenner.

The package is believed to include 22,000 acres in Reeves County, Texas, in the Delaware basin portion of the greater Permian and 5000 barrels per day of production.

J Cleo Thompson is currently running 10 rigs in Reeves County, according to the latest information available from SmithBits Stats, and Occidental is currently running one rig there on its existing position.

Offset operators include BHP Billiton, which is believed to have been interested in the package, Clayton Williams, Comstock Resources and COG Petroleum.

Bids on the package were supposedly due in mid-October and Upstream understands…

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