Norway's longer shelf life lures PE players
The private equity model targets the potential remaining in Norwegian waters
Private equity (PE)-backed independents acquiring offshore blocks in the Norwegian Continental Shelf (NCS) from downsizing US producers cite the greater undeveloped and yet-to-find reserve base as a key driver. Norwegian firm Pandion Energy, backed by Asian PE fund Kerogen Capital, announced an agreement with US giant ConocoPhillips in July to acquire a 20pc interest in the PL 891 block in the Slagugle (Ural owl) prospect. Other PE-backed firms, including Mime Petroleum, Neptune Energy and Wellesley Petroleum, have also purchased existing fields and licenses on the NCS in recent months. "There is more upside on the NCS than the UKCS [United Kingdom Continental Shelf]. There are still a lot o
Also in this section
29 April 2024
Although recent, firmer gas prices have blunted some price-sensitive demand, the overall growth outlook remains robust
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions