A leading venture capital firm has announced plans to invest nearly £63million in the North Sea over the next year.
Energy Ventures – which targets high growth oil and gas firms – said yesterday that it is looking to expand its portfolio.
The firm believes that the cutting-edge technology being developed in the north and north-east of Scotland will increase the longevity of the North Sea.
The organisation, with £470million of committed capital raised to date, has already invested in 27 companies, including UK-based Intelligent Well Controls, Deep Casing Tools, Meta and Foster Findlay and Associates (ffA).
“The mood in the sector this year has been positive and our recent experience at Offshore Europe and similar industry events has provided a very good barometer of that momentum as we plan for 2014,” said Greg Herrera, Aberdeen-based partner of Energy Ventures
“Investment levels in the oil and gas sector have been steady for a concerted period and we remain convinced of a strong forward market. These sentiments are supported by Pareto, who, at their recent energy conference, set out a premise that oil prices are too low and the market is in need of increased investment activity to address the complex challenges that arise.
“Energy Ventures was founded on the belief that commercialisation of marketable technology companies that provide solutions to long-term oilfield challenges is the key to improving declining production levels and boosting further re-investment into the North Sea.”
“Being based in Aberdeen, it is important that we play an active role in securing a safer and more productive future for the UK exploration and production industry. We feel strongly that this can be accomplished through a targeted investment strategy.
“We are committed to executing deals in the UK and this will continue to underpin our strategy as we look to build for the future. The current emphasis is on investment opportunities of between £3.7million and £31.2million with compelling value proposition, which can leverage Energy Ventures’ global network to create business of scale.”
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