Oil firms see backlash as prices for US shale field drilling rights soar
Record prices for Permian Basin drilling rights are prompting the companies and investors to look elsewhere
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Washington
RECORD prices for drilling rights in the Permian Basin, the most fertile US shale field, are prompting oil companies and private equity investors to look elsewhere for the next big gushers.
Explorers eager to tap the basin's mile-thick stack of oil-soaked rock layers have paid as much as US$60,000 an acre. That marks a 50-fold explosion in deal prices over four years, according to Wood Mackenzie Ltd. It also pushes the cost 10 times higher than in the Bakken of North Dakota.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
