Vitol Holding BV, Rotterdam, said its Vitol Energy (Bermuda) Ltd. unit acquired 17.8 million shares or 8% of the common stock of Sterling Resources Ltd., Calgary.
As a result of the transaction, Vitol controls 22.9 million common shares or 10.3% of Sterling common shares. Vitol said it acquired the stake for investment purposes.
Sterling Resources has exploration and production interests in the UK and Netherlands North Sea, Cleveland basin, Paris and Aquitaine basins of France, and Romania.
The Vitol Group, founded in 1966, is a major energy trading firm that owns more than 100,000 b/d in refining assets and has exploration and production interests in Ghana, Cameroon, Philippines, Kazakhstan, Russia, and Azerbaijan.
Alan Petzet | Chief Editor Exploration
Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.
Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.
