Evolution Petroleum and PEDEVCO have announced a partnership to collaborate on the development of the Chaveroo oil field, located in the northwest shelf of southeastern New Mexico. The two companies will work together to leverage their respective expertise in the oil and gas industry to maximize the efficiency and profitability of the project. This joint effort will aim to increase production and recovery rates while reducing costs, in order to provide maximum value to all stakeholders involved.
1. Evolution Petroleum and PEDEVCO have formed a partnership to develop the Chaveroo oil field in New Mexico's northwest shelf.
2. The collaboration will utilize the expertise of both companies to maximize efficiency and profitability of the project.
3. The joint effort aims to increase production and recovery rates while reducing costs.
4. Evolution Petroleum's technical expertise in reservoir management and production optimization will be combined with PEDEVCO's vast oil and gas resource base in the Chaveroo oil field.
5. This partnership is a strategic move for both companies to expand their presence and increase market share in the Permian Basin region.
The Chaveroo oil field has an estimated recoverable resource of approximately 11 million barrels of oil equivalent.
This collaboration aims to leverage Evolution Petroleum's technical expertise in reservoir management and production optimization with PEDEVCO's vast oil and gas resource base in the Chaveroo oil field. By combining their respective strengths, the two companies are poised to maximize the field's potential and enhance its overall productivity. Moreover, this joint development represents a strategic move for both Evolution Petroleum and PEDEVCO as they seek to expand their presence and increase their market share in the thriving Permian Basin region. With cutting-edge technology and a comprehensive approach, they are confident in their ability to extract significant value from this promising asset.