ExxonMobil plans major expansion of New Mexico operations

 

January 19, 2017



ALBUQUERQUE, N.M. (AP) — ExxonMobil could become one of southeast New Mexico's top oil producers after announcing plans to acquire 275,000 acres of oil leases in the Permian Basin, which also covers parts of western Texas.

The Albuquerque Journal reported (http://bit.ly/2jWWYuW ) Tuesday that ExxonMobil is paying $5.6 billion to the Bass family of Fort Worth, Texas, to acquire the family's lease acreage and operating entities.

Daniel Fine with the New Mexico Center for Energy Policy at New Mexico Tech says ExxonMobil is likely to begin drilling in the area by the end of the year.

The deal give...



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