Vitol's New Upstream Unit Acquires Permian Assets From Hunt Oil
–Journal of Petroleum Technology
Swiss oil trader Vitol said on 30 April that its oil and gas subsidiary, Vencer Energy, was buying Hunt Oil Company's assets in the Permian Basin for an undisclosed sum. Media outlets including Bloomberg and Reuters cited sources that pegged the asking price at around $1 billion. Houston-based Vencer was established last year as the trading giant's first foray into the upstream sector. The assets include leases on 44,000 acres in the Midland Basin side of the Permian, with an output about 40,000 BOE/D. "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," said Ben Marshall, the head of Vitol's Americas business unit.
Journal of Petroleum Technology
May, 2021
- Country:
- North America > United States > Texas (0.81)
- Geologic Time:
- Phanerozoic > Paleozoic > Permian (0.62)
- Geology:
- Geology
- Petroleum Play Type > Unconventional Play
- Shale Play (0.41)
- Rock Type > Sedimentary Rock
- Clastic Rock > Mudrock > Shale (0.42)
- Petroleum Play Type > Unconventional Play
- Geology
- Oilfield Places:
- North America > United States
- North Dakota > Williston Basin
- Bakken Shale Formation (0.89)
- New Mexico > Permian Basin
- Morrow Formation (0.99)
- Devonian Formation (0.99)
- Avalon Formation (0.99)
- Bone Spring Formation (0.99)
- Clear Fork Formation (0.99)
- Canyon Formation (0.99)
- Yeso Formation (0.99)
- San Andres Formation (0.99)
- Spraberry Formation (0.99)
- Wolfcamp Formation (0.99)
- Ellenberger Formation (0.99)
- Yates Formation (0.99)
- Pennsylvania > Appalachian Basin
- Marcellus Shale Formation (0.89)
- Montana > Williston Basin
- Bakken Shale Formation (0.89)
- Ohio > Appalachian Basin
- Marcellus Shale Formation (0.89)
- Maryland > Appalachian Basin
- Marcellus Shale Formation (0.89)
- Texas
- Maverick Basin > Eagle Ford Shale Formation (0.89)
- Permian Basin
- Morrow Formation (0.99)
- Devonian Formation (0.99)
- Avalon Formation (0.99)
- Bone Spring Formation (0.99)
- Clear Fork Formation (0.99)
- Canyon Formation (0.99)
- Yeso Formation (0.99)
- Midland Basin (0.90)
- San Andres Formation (0.99)
- Spraberry Formation (0.99)
- Wolfcamp Formation (0.99)
- Ellenberger Formation (0.99)
- Yates Formation (0.99)
- Sabinas - Rio Grande Basin > Eagle Ford Shale Formation (0.89)
- West Gulf Coast Tertiary Basin > Eagle Ford Shale Formation (0.89)
- West Virginia > Appalachian Basin
- Marcellus Shale Formation (0.89)
- New York > Appalachian Basin
- Marcellus Shale Formation (0.89)
- South Dakota > Williston Basin
- Bakken Shale Formation (0.89)
- Virginia > Appalachian Basin
- Marcellus Shale Formation (0.89)
- North Dakota > Williston Basin
- North America > United States
- SPE Disciplines: