Vitol Acquiring Hunt Oil Permian Assets, Citing Bright Future for Lower 48
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.”