Published: 2:16 pm, Tue. Jan. 17th, 2017Updated: 2:14 pm
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 Tuesday 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 gives the company about 3.4 billion barrels of oil equivalent reserves in the state.
ExxonMobil is the largest publicly traded oil and gas company in the world with $16.2 billion in revenue in 2015.