Crude Oil Pipeline Chinese conglomerate Yantai Xinchao has US$1 billion to blow and is looking to buy oil-producing assets in the Permian Basin as it moves aggressively to expand its Texas oil portfolio at a time of slumping oil prices and good deals. The company already has two oilfields in Texas, which it bought last year for US$1.3 billion from two local companies. According to the head of Xinchao’s U.S. subsidiary, Blue Whale Energy, the conglomerate is following an aggressive growth path, focusing on building a strong oil and gas portfolio in the U.S. But it’s not just seeking participation in oilfields. Xinchao wants to be the operator of the fields it will buy, which will give it the final word in matters such as drilling depth and exploitation intensity. Related: U.S. Oil Rig Count Declining Again After Single-Week Reprieve It’s no coincidence the Chinese company has focused exclusively […]