Houston-based private equity firm Quantum Energy Partners has once again formed a company to acquire US oil and gas properties, reports Bloomberg. Only this time, the newly-formed company will focus on offshore US oil fields.

Renaissance Offshore, led by Jeffrey Soine, former vice president of international business at Woodside Petroleum Ltd., and given an initial investment of $300 million by Quantum, made its first acquisition on December 30 when it purchased Chevron Corp.’s Ship Shoal 266 field, reports Bloomberg.

The formation of Renaissance comes on the heels of the August 2011 formation of Bluestem Energy. Quantum partnered with industry veteran Jack Hightower, naming him the new company’s chairman, president, and CEO, to form a company to acquire oil and gas producing properties as well engage in exploitation and exploration activities in targeted trends in North America. The company started its business with a $1 billion investment.

Hightower and Quantum previously partnered in the creation of Celero Energy Partners LP in early 2004 before selling it to Whiting Petroleum Corp. in July 2005 for over $800 million.

In addition, several of Quantum’s founders invested in and were instrumental in helping Hightower raise his private equity backing in 1995 in founding Titan Exploration, a start-up E&P company which became Pure Resources Inc. and was ultimately acquired by Unocal in 2003 for $1.6 billion.