German company buys one of state's largest oil producers, which has operations in Ventura County
Aera Energy produces about 25% of the state's oil and gas.
A European investment company is buying one of the largest oil and gas producing companies in California, one with operations in Ventura County.
IKAV is buying Aera Energy. Aera produces about 125,000 barrels of oil, and 32 million cubic feet a day of natural gas a day in the state. It accounts for about 25% of the state’s production.
Most of its operations are in the San Joaquin Valley, but it also has a 4300 acre oil and gas field northwest of Ventura. It’s the largest onshore operation in Ventura County, and produces about 12,000 barrels of oil a day.
Aera is a 25-year-old partnership between Shell, and ExxonMobil. There’s no word on the purchase price by the German company, which is expected to close later this year.