Occidental Petroleum Corp completed a 30 percent farm-down of the Z-61, Z-62 and Z-63 blocks offshore Peru to Westlawn Group, Westlawn said Wednesday.
The acquisition provides Houston, Texas-based Westlawn “access to multiple potentially high-impact exploration prospects already identified as well as additional future exploration opportunities across the three blocks”, Westlawn said in a statement online.
The transaction was between Westlawn Americas Offshore LLC (WAO) and Occidental’s Anadarko Peru Ltd, which remains operator with a 35 percent interest. The other partner is Chevron Corp through Chevron Peru Exploration Ltd Sucursal Peruana, which also owns 35 percent.
“WAO is expanding its global exploration and production portfolio with a new entry into a promising frontier play, partnering with industry leaders Oxy and Chevron”, commented Westlawn managing director Ryan Evans.
When it announced its merger with CrownRock LP December 2023, Occidental launched a $4.5-6 billion asset sale program to hold down debt.
Since then it has entered into or completed around $4 billion worth of divestitures, according to an Occidental statement August 6, 2025.
“Since July 2024, Occidental has repaid $7.5 billion of debt, including proceeds from non-core Delaware Basin transactions that closed in April and July”, the statement said.
The Peruvian blocks comprise the third acquisition Westlawn announced this year, following two transactions in the United States by another subsidiary, Ellipsis U.S. Onshore Holdings LLC.
In one of the transactions, Ellipsis acquired Permian basin oil and gas assets with a net production of about 4,000 barrels of oil equivalent a day and “upside tied to more than 600 gross remaining drilling locations”, Westlawn said August 19.
“The transaction enhances Ellipsis’ growing Delaware Basin footprint and aligns with the company’s strategy of building scale through high-margin, low-cost, non-operated assets.
“On a pro forma basis, Ellipsis’ assets include more than 8,200 net acres in the Northern Delaware Basin and the company expects to produce a daily average of 20,000 barrels of oil equivalent for the balance of 2025”.
In the other transaction Ellipsis entered a farmout agreement with Black Stone Minerals LP (BSM) covering around 270,000 gross acres across the Texas counties of Angelina, Houston, Nacogdoches, San Augustine and Trinity.
“In association with BSM’s drilling program with Revenant Energy LLC, the farmout agreement provides Ellipsis with the exclusive right to earn non-operated working interests in BSM’s Haynesville acreage position, which includes approximately 100,000 undeveloped net acres and a defined path to additional bolt-on opportunities”, Westlawn said.
“The farmout agreement includes a tiered commitment structure that escalates over five years, beginning with a minimum of six wells in 2026 and increasing to 25 wells annually by year V”.
To contact the author, email jov.onsat@rigzone.com
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