Vitol Launches New US Upstream Venture
Vitol revealed this week that the company has established a new U.S. upstream venture called Vencer Energy LLC.
Vencer Energy will seek to acquire mature, producing oil and gas assets and will have a specific focus on key basins in the U.S. Lower 48 region, according to a statement posted on Vitol’s website.
The new business will be led by industry veteran Don Dotson, who will act as president and chief executive officer (CEO). Dotson has previously worked as the president and CEO of Sable Bay Energy and as the president and chief operating officer of Plantation Petroleum, his LinkedIn page shows.
Vencer Energy’s corporate office is located at 2000 West Sam Houston Parkway South, in Houston, Texas. At the time of writing, the company’s dedicated website has not yet been constructed, although it will be “arriving soon”, according to a Vencer Energy statement.
“I am looking forward to leveraging my decades of industry experience operating in multiple basins to build a large-scale oil and gas enterprise,” Dotson said in a company statement posted on Vitol’s website.
Ben Marshall, the head of Vitol Americas, said, “Vitol’s strong balance sheet and global operating experience coupled with Don’s extensive U.S.-focused technical and operating experience is a powerful combination of capabilities for success”.
Vitol, which is an energy and commodities company whose primary business is the trading and distribution of energy products globally, has more than 20 years of experience developing and operating exploration and production assets, according to its website.
The business trades over eight million barrels of crude oil and products per day and, at any time, has 250 ships transporting its cargoes, the company’s website shows. Vitol currently produces around 32,000 barrels of oil equivalent per day from its upstream assets, its site highlights.
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