From oil and gas business men and women to local and state politicians, hundreds gathered at the Petroleum Club in Midland to welcome Samsung C&T to the Permian Basin.
Although Samsung has been working in offshore drilling in the Gulf of Mexico for three years, this is their first onshore acquisition. Greg Choi, President and CEO of Samsung Oil & Gas USA Corp., says they couldn't be more excited that it's taking place with Parallel Petroleum in the Permian Basin. "Number one. The Permian area is the model and core area of oil and gas industry in the United States, and the number two why we chose Parallel, Parallel has been a key player in the industry more than 30 years," says Choi.
Larry Oldham, President and CEO of Parallel Petroleum, and his wife started Parallel Petroleum in 1979. He says he couldn't be more excited about the future. "With Parallel's technical ability and Samsung's ability to help us financially and in other ways... because of the Samsung name, it really excites me," says Oldham.
Oldham says Parallel currently produces 5,500 barrels a day.
Cho says Samsung will focus on both oil and natural gas. He also says they'll use Parallels technical skills to help them grow in both the U.S. and overseas.
Coming up in my Big 2 Energy Report Thursday night at 10pm, I'll speak more with Samsung and Parallel. I'll also speak with politicians and other people in the oil and gas industry to hear what they have to say about a South Korean-based company coming to the Basin.