Chinese Company Buys Out Permian Basin Petroleum Fields

A Chinese investment firm is buying swaths of oil fields in the Permian Basin, reports CNN Money.

They say Chinese-based Yantai Xinchao is buying $1.3 billion of land in the western Permian Basin from Tall City Exploration and Plymouth Petroleum. CNN Money did not disclose how many acres were purchased or if the land was currently being explored for petroleum and natural gas.

Some of the land purchased is part of Borden and Howard counties.

Efforts to contact Tall City Exploration and Plymouth Petroleum have not been successful. This story will be updated if they are reached.