Vitol’s US upstream company Vencer Energy has signed an agreement to acquire Hunt Oil Company’s assets in Midland Basin. The assets considered for acquisition include 44,000 acres across five counties in the Midland Basin.
Hunt Oil Wells Drilled Since 2019
These assets have a current daily production of approximately 40 million barrels of oil equivalent per day (boepd).
The deal marks Vencer’s first acquisition since its launch in 2020 by Vitol. Vencer aims to acquire mature, producing oil and gas assets, with a specific focus on key basins in the US Lower 48.
Vitol Americas head Ben Marshall said: “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.
“Vitol has a long history of investing in quality upstream assets, and we are pleased to add this business to our global portfolio. This acquisition represents an initial step to building a larger, durable platform in the US Lower 48.”
According to Bloomberg, which first reported the deal, the transaction could cost more than $1bn.
Vencer president and CEO Don Dotson said that the acquisition realises the company’s vision as the owner of quality, mature, producing assets with attractive development opportunities.
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