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Shell, Anadarko likely to let Texas joint venture lapse
Agreement expires this summer and re-parcelling of land would let each company drill and develop at own pace
Add BT as a preferred sourcePublished Mon, Mar 27, 2017 · 09:50 PM
London
ROYAL Dutch Shell Plc and Anadarko Petroleum Corp may let a 10-year joint venture in the oil-rich Permian Basin of Texas expire and split their properties, hoping to speed up development, according to a senior Shell executive.
The divorce and re-parcelling of acreage would let each company drill and develop new wells at its own pace in the Permian, which has become the US oil industry's hottest development area for its low operating costs as crude prices hover under US$50 per barrel.
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