This Hunt has been successful, and the prize catch -- oil and gas. Hunt Oil is a family-owned exploration and production company with hydrocarbon interests in the Americas, Europe, and Africa and the Middle East. 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. Hunt is a unit of
, which oversees a portfolio of the Hunt family's businesses.
Major projects include PERU LNG -- a 4.2-ton gas liquefaction plant, along with a 408-kilometer pipeline built across the Andes and a marine terminal on the coast of the Pacific Ocean at Melchorita -- (as part of a consortium that includes
); and Yemen LNG project (built in tandem with
, SK Corporation,
, KOGAS, and the government of Yemen).
Hunt Oil has operations in Argentina, Australia, Canada, Chile, Ethiopia, France, Ghana, Guyana, Kurdistan (Iraq), Laos, Madagascar, Namibia, Niger, Oman, Peru, Portugal, Romania, Togo, the UK, the US, and Yemen. In the US the company is active in shale plays: the Eagle Ford play of South Texas, the Marcellus play in Pennsylvania and West Virginia, and the Williston Basin (Bakken) of North Dakota.
The company's focuses on early stage exploration opportunities, emphasizing prospect generation, building up land positions, and using the latest survey and production technologies to increase yield. It is also expanding into new geographies and is looking to explore and develop unconventional oil and gas projects (such as shale plays).
In 2011 the company relocated its London office to Bucharest to be closer to its active exploration and production projects in Romania.
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 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.
The company was established in 1934 (reportedly with founder H.L. Hunt's poker winnings)