BritENERGY redirects investment from ‘uninvestable’ UK to Permian Basin
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UK-based **BritENERGY Group** is expanding its upstream footprint in the United States by acquiring a controlling stake in **13 oil and gas wells** spanning **3,000 acres** in New Mexico’s Permian basin. The move coincides with the company’s sharp criticism of the increasingly hostile investment climate in the UK.
The transaction features five active wells, including two newly drilled horizontal wells, situated near Hobbs in Lea County. BritENERGY aims to extract **5 MMbbl** from the site by 2032, projecting approximately **$200 million** in profit.
Representing roughly $50 million in capital investment for the wells and infrastructure, the company also intends to build a 300-MW solar project on the acreage.
This expansion occurs as domestic operators increasingly condemn the UK’s energy policies. Recently, bp announced the sale of its historic UK North Sea upstream assets, and Hunting CEO **Jim Johnson** labeled the UK market “uninvestable.”
“Britain has had enormous advantages in engineering and access to capital. But the country is becoming so hostile to investment that it is heading to energy zero faster than net zero,” stated BritENERGY Chairman **Garry Mahoney**.
Mahoney contrasted the UK’s regulatory hurdles with more favorable conditions in the U.S. and Morocco, where BritENERGY is currently negotiating a natural gas production deal. He argued that both nations are “open for business” due to supportive energy policies, while accusing UK policymakers of failing to secure affordable or reliable domestic energy.
The New Mexico acquisition secures BritENERGY a position in one of the world’s premier oil-producing regions as the company pivots away from the UK. The acquired U.S. entities were audited by Deloitte, with Brodies LLP serving as BritENERGY’s legal advisor for the deal.
