Torrent Oil & Gas LLC said Feb. 4 it has secured a private equity financing commitment and partnership with Natural Gas Partners (NGP).
Founded in 2015, Houston-based Torrent focuses on acquiring and redeveloping oil and gas assets within the Gulf Coast, East Texas and Ark-La-Tex Basins.
“In our view, this market presents unique opportunities to find and generate great value from underutilized assets," said Greg Wachel, CEO and president of Torrent, in a statement.
Torrent is led by Hilcorp Energy Co. veterans Wachel and Henri deLaunay, as executive vice president. The two have a combined 30 years of experience in the acquisition and management of oil and gas fields, according to the release.
Wachel is a former chief reservoir engineer and asset team leader of Hilcorp and deLaunay most recently worked in the company's land and business development groups.
The financing was through NGP's most recent private equity fund focused on natural resources and management, NGP Natural Resources XI LP.
Recommended Reading
Tangled Up in Blue: Few Developers Take FID on Hydrogen Projects
2024-04-03 - SLB, Linde and Energy Impact Partners discuss hydrogen’s future and the role natural gas will play in producing it.
Markman: Want CO2 Gone Now? Well, You Don’t Always Get What You Want
2024-04-29 - A slew of scenarios shows that climate goals can be achieved with the use of fossil fuels and CCUS.
Energy Transition in Motion (Week of May 10, 2024)
2024-05-10 - Here is a look at some of this week’s renewable energy news, including $1.5 billion in investment commitments for low-carbon energy initiatives.
No Silver Bullet: Chevron, Shell on Lower-carbon Risks, Collaboration
2024-04-26 - Helping to scale lower-carbon technologies, while meeting today’s energy needs and bringing profits, comes with risks. Policy and collaboration can help, Chevron and Shell executives say.
Bill Gates: ‘A Heroic Effort’ is Beginning, but Climate Goals Still Won’t be Hit
2024-03-26 - Bill Gates said during CERAWeek by S&P Global that the energy transition was picking up speed but still wouldn’t be able to achieve the climate goals established under the Paris Agreement of 2015.