Vitol’s US upstream company, Vencer Energy, is to acquire Hunt Oil Company’s Midland Basin assets for an undisclosed sum.
It is Vencer’s first acquisition since it was established by Vitol last year, and marks Vitol’s first US upstream position.
The assets comprise 44,000 acres across five counties in the Midland Basin, with current daily production of approximately 40 million barrels of oil equivalents per day (mboepd).
Don Dotson, president and CEO, Vencer said: “We are delighted with this acquisition which realizes our vision for Vencer as the owner of quality, mature, producing assets with attractive development opportunities. We look forward to working with our new colleagues.”
Privately held Hunt Oil has land positions in the Permian, the Williston Basin (Bakken) of North Dakota, the Eagle Ford shale of South Texas, and the Appalachian Basin (Marcellus) in Pennsylvania and West Virginia.
Ben Marshall, Head of Americas, Vitol added: “This is an important day for Vencer as it establishes itself as a significant shale producer in the US Lower 48. We expect US oil to be an important part of global energy balances for years to come, and we believe this is an opportune time for investment into an entry platform in the Americas.”
For more information visit: www.vitol.com
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