Two major private equity firms have agreed to pump $1billion into a fledgling Norwegian oil producer.
Mime Petroleum, set up earlier this by Blue Water Energy and chief executive Sverre Skogen, is eyeing up assets on the Norwegian continental shelf (NCS).
Blue Water is teaming up with Blackstone Energy Partners to provide the financial backing.
Mr Skogen said: “Whilst Blue Water Energy has provided strong strategic and financial support to date, this is now significantly enhanced in combination with Blackstone.
“There are a lot of high-quality opportunities on the NCS, and, with two of the foremost energy investors behind us, we are well positioned to take advantage of these.”
Mustafa Siddiqui, senior managing director at Blackstone, said: “We are delighted to be backing Sverre Skogen and the Mime Petroleum team.
“With $15 billion of capital invested in the energy sector, we continue our track record of supporting top management teams with the growth capital and resources to build energy industry champions.
“We and Blue Water have enjoyed a successful partnership in the UK and we look forward to replicating that success in Norway.”
Graeme Sword, partner, Blue Water, said: “We are happy to partner with Blackstone again on building another leading E&P business. We want to provide our portfolio companies with the optimal shareholder base and we believe Blackstone is an aligned partner that shares our ambitions for Mime.”