This Hunt has been successful, and the prize catch -- oil and gas. Founded in 1934 (reportedly with H.L. Hunt's poker winnings), Hunt Oil is an exploration and production firm with interests worldwide. It is exploring in Peru, where Hunt's 50%-owned Camisea project is developing gas reserves estimated at more than 13 trillion cu. ft. The company's liquefied natural gas (LNG) project in Yemen seeks to bring 10 trillion cu. ft. of gas reserves into the global market. In 2012 Hunt Oil was also exploring in North America, as well as in Australia, Colombia, Italy, Iraq, Oman, Romania, and the UAE. Hunt is a unit of Hunt Consolidated, which oversees a portfolio of family-controlled businesses.
Signaling a move into a new area of exploration for the company, and a controversial one at that, in 2007 Hunt Oil struck a deal with Kurdish Iraqi officials to explore for oil in Iraq's semi-autonomous Kurdish region. However, Iraq's central government in Baghdad had not yet (in 2012) determined a National Oil Law, threatening the long-term legitimacy of a contract made by a regional authority. Opening another new area, the company also formed a joint venture in 2010 to explore in Romania.
The company's LNG project in Peru got some good news in 2008, securing some $2.25 billion in third-party financing to complete its LNG plant and pipeline. In 2010 the LNG plant, the first in South America, became operational.
In other good news, in 2009 Yemen LNG Company (in which Hunt Oil owns a 17% stake) started LNG production from its liquefaction terminal in Balhaf.
In the US, in 2010 the company formed a joint venture with Magnum Hunter Resources to develop about 28,200 acres of shale properties in Lavaca and Gonzales counties in Texas.
To raise cash to invest in core activities, in 2010 Hunt Oil agreed to sell its Canadian assets to Korea National Oil Corp. for C$525 million (US$521 million).
In 2012 the company relocated its London office to Buchrest to be closer to its active exploration and production projects in Romania.
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