ConocoPhillips Sells Oil Leases in DJ Basin and Permian Basin
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American multinational energy company ConocoPhillips has completed the sale of two oil assets in the Permian Basin and the southern Denver-Julesburg (DJ) Basin.
ConocoPhillips did not disclose the names of the buyers or the value of the deals.
The company offered the assets of Niobrara and Waddell Ranch under the sale.
These assets form part of the company’s ‘Lower 48’ sector, which spans 10.3 million net acres. It comprises two regions covering the Gulf Coast and the Great Plains.
Major focus areas of the Lower 48 segment include the Eagle Ford, Bakken and Permian trends.
Located in the southern DJ Basin, Niobrara has reported a full-year production of about 11,000 barrels of oil equivalent per day (boepd).
Meanwhile, ConocoPhillips’ Waddell Ranch conventional assets lie in the Permian Basin. They produced 4,000boepd in 2019.
ConocoPhillips said: “There is no change to the company’s guidance items as a result of these transactions.”
In July, Wintershall Dea and ConocoPhillips signed an agreement to jointly develop the Aguada Federal and Bandurria Norte blocks in Neuquén, Argentina.
In August 2018, ConocoPhillips signed an agreement to sell its Barnett assets to Lime Rock Resources for $230 million.
ConocoPhillips acquired approximately 46,000 net acres of leasehold in the Niobrara play from Lario Oil & Gas in 2011.
Source: Hydrocarbons Technology
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