Gunvor is exploring fresh investments in U.S. oil and gas assets a move that could help ease strained relations with the Trump administration after its abandoned bid to acquire sanctioned Lukoil assets. The U.S. Treasury had sharply opposed that deal, branding Gunvor a “Kremlin’s puppet.” Any renewed push into American energy would serve both strategic expansion and political rehabilitation for the Geneva-based trader.
What’s Happening
According to two sources, Gunvor has held active talks to back private U.S. oil and gas companies either by financing new players to acquire assets on its behalf or supporting existing producers seeking to grow. Though the conversations are advanced, the sources cautioned that no deal is guaranteed.
Gunvor’s Americas team, led by Gary Pedersen, has been weighing these opportunities as part of a wider push to deepen its presence in the U.S., a market the company describes as a “key growth area.” Gunvor has already invested more than $4 billion across U.S. trading and energy infrastructure since 2012.
Focus on Natural Gas
The company’s current U.S. strategy is tilted toward natural gas rather than oil, with one source saying recent efforts centred on shale gas assets. Gunvor was involved in bidding for Baytex Energy’s Eagle Ford shale properties, providing financial backing for Houston-based Percussion Petroleum’s offer. Baytex ultimately sold the assets to another buyer for $2.31 billion, leaving Percussion’s bid unsuccessful.
Bigger Trend in Trading
Gunvor’s interest comes as major commodity traders increasingly move upstream to secure production. Gunvor itself quietly entered U.S. natural gas production in 2024, later revealed to involve a 42% stake in Flywheel Energy. Rivals have made similar moves: Vitol committed $1 billion to VTX Energy Partners and expanded its shale unit, while hedge fund Citadel has been actively buying natural gas assets.
What’s Next
Deal activity in U.S. shale has cooled due to weaker oil markets, but natural gas remains a relative bright spot. Analysts expect U.S. gas demand to strengthen, driven by power-intensive data centres and a wave of new LNG plants coming online. If this outlook holds, Gunvor’s renewed push into American gas could position it at the centre of the next phase of U.S. energy growth.
With information from an exclusive Reuters report.
