Energy specialist Vitol with a global LNG portfolio will pocket $2.15bn from selling the assets of Vencer Energy to Civitas Resources.

The commodities giant said Civitas Resources is buying the business for $2.15 billion. Vencer Energy is an upstream exploration and production company with assets located in the heart of the Permian Basin, in the US.

Vitol acquired these assets in June 2021 and assembled a very capable leadership team.

Now the energy and commodities giant says the deal is subject to customary terms, conditions, and closing price adjustments.

Established in 2020, Vencer Energy acquired its foundational asset base comprised of 44,000 net acres in the Midland Basin in June 2021.

Since then, production across its acreage has increased from approximately 40 mboepd to 60 mboepd.

Ben Marshall, Head of Vitol Americas, said: “We are pleased to announce this deal with Civitas Resources and believe the Vencer assets will be an exciting complement to their growing position in the Permian. We also want to thank Don Dotson, Vencer’s CEO, and the rest of the Vencer Energy team for their hard work and tremendous results over the past 3.5 years. Vitol remains enthusiastic about the upstream sector, and we are committed to deploying more capital in this space. We actively continue to look for more assets to add to our portfolio, whether it be through VTX Energy or via a new platform.”