TRP’s production is around 25,000 barrels of oil equivalent per day. Credit: Frantzou Fleurine on Unsplash.

TRP Energy (TRP) is considering selling its oil and gas operations in the Permian basin, US, to raise more than $1.5bn, reported Reuters, citing sources.

The move comes amid surging demand for the acreage in the Permian basin, which stretches across parts of Texas and New Mexico.

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TRP owns around 15,000 net acres in the Midland portion of the Permian. It has production of about 25,000 barrels of oil equivalent per day, according to the sources.

The oil and gas company, in which Greenbelt Capital Partners holds a majority stake, is being advised by an undisclosed investment bank on the sale process.

Last year, TRP Energy joined the Oil and Gas Methane Partnership 2.0 initiative, which aims to improve the accuracy and transparency of methane emissions reporting across the oil and gas sector.

Commenting on TRP’s latest move, Alex Burpee, senior managing director at Guggenheim Securities, the investment banking and capital markets business of Guggenheim Partners, said: “As we reach the later innings of private businesses being consolidated, private equity is finding itself having a significant role, providing public companies with the opportunity to improve their portfolios and increase their scale, relevance and inventory.”

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In a similar move, last week, Civitas Resources signed a $4.7bn deal to acquire oil producing assets in the Midland and Delaware Basins of the Permian Basin from buyout company NGP Energy Capital Management.

The assets will be acquired from affiliates of Hibernia Energy III and Tap Rock Resources.

Both Hibernia Energy III and Tap Rock Resources are portfolio companies of funds managed by NGP Energy.