Commodity trading major Vitol is reportedly negotiating a deal to acquire the oil wells of Hunt Oil Co. in the Permian Basin. According to Bloomberg, which cited unnamed sources, this would be the biggest foray of an independent oil trader into the upstream. The report notes that the Swiss-based commodity trader last year set up a limited liability company called Vencer Energy in Texas. The purpose of the company was to buy oil and gas production assets as the United States returned to the oil-exporting world in 2015. Few details about the deal…
