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The company has identified up to 200,000 acres in the Midland and Delaware sub-basins for transactions in 2017-2018.
Statistics from the Aug. 16 sale show 27 companies participated and submitted 99 bids on 90 tracts. Total E&P USA submitted the highest single bid at $12.1 million.
The investment plans include drilling more wells in Colombia, where the company recently made a commercial discovery, and exploration activities in Kazakhstan and Bangladesh.
Nabors’ roughly $216 million acquisition of Tesco is ‘rare win-win in oil patch consolidation,’ analyst says.
Exploration activity targeting Jurassic carbonate reservoirs in North Kuwait has led to the discovery of six major tight gas fields in the last decade.