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May 21 (Reuters) - Devon Energy DVN.N said on Thursday it bought 16,300 net undeveloped acres in New Mexico's Delaware Basin for approximately $2.6 billion, a move the company says will expand its regional footprint and drilling inventory.

The Delaware Basin, part of the broader Permian Basin spanning West Texas and New Mexico, remains the most prolific U.S. oilfield and has attracted intense competition among shale producers seeking low-cost, high-return acreage.

The transaction, valued at $161,500 per net acre, adds about 400 net drilling locations normalized to two-mile laterals.

The acreage sits next to Devon's existing operations, letting the company leverage established infrastructure and drill longer laterals, it said.