The myth holds that China is rapidly scooping up major positions in the Permian Basin in the midst of the current oilfield bust. Let’s clear this up: China is not buying the Permian Basin. This was during a time when the U.S. Energy Information Administration estimated the overall Permian Basin production was roughly 4 million BOE per day. So if non-U.S. companies - whether from China or anywhere else - decide to bid on Texas oil and gas assets in the coming weeks and months, isn’t that the free market at work? Sure, some isolated deals involving non-U.S. companies might end up being made, but China won’t be buying the Permian Basin during this or any future bust.

Source: Forbes May 21, 2020 11:03 UTC