Blue Water Energy invests $300m to acquire Norwegian N. Sea oil exploration company

Graeme Sword
Graeme Sword

The Blue Water Energy investment partnership has taken a majority shareholding for $300 million in Mime Petroleum, a Norwegian oil exploration company.

Blue Water Energy will become its majority shareholder alongside the Mime Petroleum management team. The strategy is focused on acquisitions of participating interests in fields with potential upside and enhancing their long term value through infill drilling, development tie-backs and near field exploration to enhance asset lifetimes.

Oslo-based Mime Petroleum was formed by Executive Chairman Sverre Skogen – former non-executive chairman of Aker BP – with an experienced management and technical team.

Sverre Skogen
Sverre Skogen

Graeme Sword, Founding Partner of Blue Water Energy (and Dundee University expat) said, “For a while BWE has believed there is an opportunity to build a leading Norwegian production and development company. We are excited by the impressive progress that other BWE investments (such as Siccar Point Energy and Wellesley Petroleum) have made and so are looking to repeat that.

“We are very pleased to be working with Sverre and his team and have big ambitions to build a company that can contribute to the NCS”.

Blue Water Energy – the London-based mid-market energy specialist private equity company – has the right to appoint two directors to the board of Mime Petroleum.

Meanwhile, crude oil prices crept forwards by 9 cents to $53.96-barrel yesterday ahead of a meeting in Vienna on Thursday, where Saudi-led OPEC is expected to agree a nine-month extension to the cartel’s output.

 

 

Pixie Energy

Pixie logo Pixie Energy is an incubator and a facilitator of strategic research and project work, focusing on energy regulation, policy and markets at the local and national level. Find out more about Pixie Energy here.

Local Energy Matters: Scotland

Local Energy Matters: Scotland is a free-to-download brochure with a focus on energy tariffs in the two Scottish electricity distribution regions, as well news on local energy and low-carbon schemes.

Previous editions can be download here.

Scottish energy market overview

You can read an overview of the Scottish energy market here.

Scottish Government energy feed