Chinese firm buys Texas oilfields for $1.3bn
Yantai Xinchao is to buy oilfields in Texas’s Permian basin from producers Tall City Exploration and Plymouth Petroleum for around $1.3bn
Yantai Xinchao says it will acquire acreage in Borden and Howard counties in west Texas, one of the oldest oil producing regions in the US and an area that has seen a revival with shale drilling in the Spraberry play in recent years. No reserves or production data have been released. The US Treasury’s Committee on Foreign Investment has approved the deal, Yantai Xinchao says. Deal maker It is the second major oil deal in Texas for Yantai Xinchao after it bought Juno Energy’s business earlier this year. That deal saw Yantai acquire mature fields in the Permian Basin that held around 25m barrels in reserves. BMO Capital had estimated the value of those reserves at around $810m in late 2014. Th

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