A new US-based oil and gas company, 1947 Oil & Gas, has been launched with a focus on building and operating a material production portfolio in the United States. The company is led by industry veteran Tim Duncan, who serves as chief executive and executive chairman.

Leadership and Founders

The company was founded by Jeff Currie, former global head of commodities research at Goldman Sachs and recent managing director at The Carlyle Group, and Ivan Murphy, a previous co-founder of Cove Energy and current executive chairman of Harena Rare Earths. Tim Duncan, a petroleum engineer, is a highly respected executive known for co-founding and leading Talos Energy for 12 years, building it into a major independent producer in the Gulf of Mexico. He also founded Phoenix Exploration Company and serves on the board of Expand Energy Corporation.

Initial Acquisition and Strategy

The company's inaugural transaction is the acquisition of Renaissance Offshore, an operator in the US Gulf shallow waters. Renaissance currently produces 3,000 barrels of oil equivalent per day (boepd) and aims to increase production to over 4,000 boepd by 2027. This acquisition provides 1947 Oil & Gas with immediate oil-weighted cash flows and establishes a platform for building a significant US production business.

Strategic Vision

The company's strategy centers on consolidating mature, conventional oil-weighted assets, particularly in the Gulf of Mexico and along the US Gulf Coast. The goal is to manage costs, execute low-risk development opportunities, and distribute cash flows to investors. The acquisition of Renaissance is seen as providing a strong operational base and a credible platform from which to execute this growth strategy.