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.
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.