Hunt Oil
From dKosopedia
Hunt Oil Company is one of the largest privately held independent oil companies in the world.
Contents |
History
Begining and early years
The Hunt Oil Company began when H.L. Hunt became involved in the Arkansas oil boom of the 1920s.
In 1921 oil was discovered in El Dorado, Arkansas. Quickly caught up in the "black gold" fever of that moment of time, the 32-year-old Hunt moved to El Dorado, where he began trading oil and gas leases. Soon he began his own drilling operations with increasing success.
In 1930, Hunt heard reports of a wildcat well being drilled in East Texas, a region not considered to be a prospective oil area. Curious, he traveled to Rusk County, Texas, where he met Columbus Marion "Dad" Joiner, the renowned wildcatter. Dad Joiner was then drilling the Daisy Bradford No. 3, the rank wildcat well that discovered the giant East Texas oil field which, with an estimated recovery of 6 billion barrels of oil, became the largest oil field in the world at that time.
Recognizing the significance of the East Texas discovery before the rest of the oil industry, H. L. Hunt moved quickly and took a significant risk by purchasing the Daisy Bradford No. 3 and nearby leases from Joiner. The Daisy Bradford No. 3 continues to produce to this day.
This East Texas field provided the financial base for the founding of Hunt Oil Company in 1934. In the decades since, the company has continued to discover and develop significant oil and gas fields, both onshore and offshore, in North America and around the world.
1970s
Following the death of H.L. Hunt in 1974, his youngest son, Ray, became Hunt Oil's Chairman. While continuing to grow the company's U.S. operations, Ray expanded the company's focus to include international exploration. New prospects were soon developed outside the United States that represented significant risk, but equally significant opportunity.
Hunt Oil's first important international success was achieved in 1976 with the company's participation in a major discovery in the North Sea, the Beatrice field. This discovery was considered important not because of its size, but because of its location - more than 129 kilometers (80 miles) away from the nearest oil production and in an area of the North Sea that was believed to be nonproductive.
1980s
Encouraged by the North Sea discovery (the company had again found oil in an area others had passed over), Hunt Oil decided to further expand its search for new opportunities abroad. This led Hunt to the Republic of Yemen, an ancient nation with rugged geography believed by most to be devoid of oil despite its location on the oil-rich Arabian Peninsula. In 1981, Hunt Oil Company signed a production sharing agreement with the government of Yemen and began operations. The only active oil company in the region, Hunt discovered a major oil field in 1984. The company subsequently constructed a 423-kilometer (263-mile) pipeline across harsh mountains to the Red Sea, and Yemen joined the ranks of oil exporting countries reaching production levels in excess of 150,000 barrels per day. Large reserves of natural gas, estimated at 10 trillion cubic feet, have also been discovered.
2000 - present
In 2000 Hunt Oil Company successfully completed its acquisition of Newport Petroleum Corporation and combined its exploration team in Calgary with the Newport group to form a new privately-held entity, Hunt Oil Company of Canada, Inc. Hunt Oil Company of Canada's activities are currently focused in the deeper portion of the Western Canadian Sedimentary Basin as well as in the frontier areas of Canada, including eastern Canada, the Yukon and Northwest Territories.
The company presently operates in three main producing areas in western Canada. The northern area is focused on the Peace River Arch of Alberta and northeast British Columbia. The central area includes the deeper portion of the sedimentary basin in front of the Alberta foothills. The Southern area is made up primarily of shallow to medium-depth gas properties in Alberta and also includes oil properties in Saskatchewan.
In 2001 Hunt Oil Company acquired the Canadian oil company, Chieftain International, Inc. for approximately $600 million (U.S.). While Canadian based, this company had attractive lease holdings in the Gulf of Mexico which added 150 exploration blocks to Hunt's holdings there. Hunt currently has substantial drilling activities underway in the Gulf and recently, through its participation with BP, a significant find was made in the Mississippi Canyon Block 29. Hunt continues extensive U.S. exploration and drilling activities while increasing its activities on the international scene.
Hunt has maintained a presence in South America for many years with respect to exploration, with recent activity in Argentina, Chile, Guyana and Peru. The company has significantly expanded its efforts in this region with the intent to develop South America as a core producing area. A major step in the effort was taken in December 2000 when the government of Peru awarded Hunt and its partners, Pluspetrol and S.K. Corporation, the contract to develop the upstream portion of one of South America’s largest natural gas resources: Camisea. Located in a remote area of Peru, Camisea contains approximately 13 TCF of gas with significant associated liquids. With substantial excess gas beyond Peru's needs, Hunt has launched activities that could lead to the export of LNG from Peru to Mexican and U.S. markets.
Today, Hunt Oil Company is one of the largest privately held independent oil companies in the world.
Affiliations
Related articles
External links
- Hunt Oil - Official website
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