Land rush in Permian where oil is stacked like a layered cake
ExxonMobil, Noble Energy ink acquisition deals worth billions of dollars in a basin straddling Texas, New Mexico
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Houston
AMERICA'S domestic oil production remains in a deep two-year slump, but a rash of multibillion-dollar deals are flashing sparks of recovery in the shale fields of the Permian Basin straddling Texas and New Mexico.
ExxonMobil announced on Tuesday it was acquiring nearly 275,000 acres (111,300 hectares) in New Mexico from the Bass family of Fort Worth for up to US$6.6 billion in stock and cash. The deal came one day after another oil producer, Noble Energy, agreed to pay US$2.7 billion to buy Clayton Williams Energy, giving it 120,000 oil-rich acres nearby in West Texas.
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