1947 Oil & Gas acquires Renaissance Offshore, plans Gulf of Mexico asset build

Newly formed 1947 Oil & Gas plc signed a term sheet to acquire Renaissance Offshore LLC in a deal the company said provides “immediate oil-weighted cash flows” and a platform to build its US oil and gas production business. The company has named former Talos Energy founder Tim Duncan as executive chairman.

Renaissance Offshore, Houston, currently produces 3,000 boe/d in shallow waters in the Gulf of Mexico and has targeted a production increase to more than 4,000 boe/d in 2027.

Duncan, now executive chairman of 1947 Oil & Gas, previously founded and led multiple exploration and production companies, including Talos Energy. He also currently serves on the board of Expand Energy Corp.

In a release Apr. 17, Duncan said "[t]here is an enormous opportunity to roll-up mature conventional oil-weighted assets with the goal of managing cost, executing low-risk development opportunities and distributing cash flows to investors specifically in the Gulf of America [US Gulf of Mexico] and along the US Gulf Coast. Our first acquisition gives us a strong operational base and a credible platform to grow and achieve those goals."

1947 Oil & Gas was founded by Jeff Currie and Ivan Murphy. Currie is former global head of commodities research at Goldman Sachs and previous managing director and chief strategy officer of Energy Pathways at The Carlyle Group. Murphy was a co-founder and director of Cove Energy plc and is currently executive chairman of Harena Rare Earths plc. They both will serve as directors of 1947.

Brian Romere, current president, co-founder, and chief financial officer of Renaissance Offshore, will serve as president and chief financial officer of 1947 Oil & Gas.