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The Modiin oil company is diversifying its sources and will start producing gas and oil in the US. It announced today that it has acquired the production rights in the project – Chittim Ranch – in the Eagle Ford basin, in the state of Texas, in an area of 650 square kilometers.
For the rights, the company paid $ 2.2 million to Shel. The project has 8 producing wells and 5 additional non-producing wells, with the average daily production rate for 2021 amounting to about 150 barrels of oil per day.