Vencer Energy LLC, the upstream subsidiary of global commodities trading giant Vitol, said Friday it has agreed to acquire Hunt Oil Co.’s assets in the Permian Midland Basin for an undisclosed sum.
The assets comprise 44,000 acres across five counties with current daily production of about 40,000 boe/d, said Geneva, Switzerland-based Vitol.
The acquisition “realizes our vision for Vencer as the owner of quality, mature, producing assets with attractive development opportunities,” said Vencer CEO Don Dotson.
Vitol’s Ben Marshall, head of Americas, added, “This is an important day for Vencer as it establishes itself as a significant shale producer in the U.S. Lower 48. We expect U.S. 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.”
Though known primarily as one of the titans of global commodities trading, Vitol also holds upstream exploration and production (E&P) licenses that produce around 30,000 boe/d of oil and gas in West Africa, Eastern Europe and the Americas.
The Permian is leading a resurgence in North America well completions, which have nearly recovered to pre-pandemic levels, according to Rystad Energy.
“Vitol has a long history of investing in quality upstream assets, and we are pleased to add this business to our global portfolio,” Marshall added. “This acquisition represents an initial step to building a larger, durable platform in the U.S. Lower 48.”
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