Pickering Energy Partners (PEP) said Wednesday it is looking to acquire and develop Permian Basin oil and gas interests alongside public and private operators.

Permian

The new entity, PEP Development, was formed in alliance with “a large institutional investor” to focus on deploying at least $300 million of equity capital, said the Houston-based financial services and investment firm.

“We are in an environment where oil and gas is strategic again, where energy security and trustworthy barrels are rising as a priority for companies and consumers,” said PEP’s Dan Pickering, chief investment officer. “We are excited to invest across the Permian and play our part in bringing U.S. production to the marketplace.”

The announcement comes amid a flurry of announced mergers,...