Related Articles
Forward article link
Share PDF with colleagues

China’s Yantai Xinchao extends shale reach in $1.3bn Texas oilfield deal

Producers Tall City Exploration and Plymouth Petroleum sell oilfields in Permian basin for around $1.3bn to Chinese firm aiming to make mark in US shale market

Yantai Xinchao said it will acquire acreage in Borden and Howard counties in west Texas. It is 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 during recent years. No reserves or production data have been released as yet, but the US Treasury’s Committee on Foreign Investment has approved the deal, the Chinese firm announced in late October. 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 25 million barrels in reserves. BMO Capital had estimated the va

Also in this section
Dana Gas - 'We went in with our eyes open'
24 May 2017
Dana Gas has struggled to get paid for its work. Yet its chief executive still thinks gas in the Middle East will thrive
PCG—growing into a dynamic future
12 May 2017
PCG charts future growth through petrochemical projects in PIC
Saudi Aramco's shifting strategy
11 May 2017
Saudi Aramco has big plans for expanding its refining capacity and it won’t let oil-price volatility stand in the way, Abdulaziz Judaimi, the company's downstream vice president, says