A new oil exploration and production company focused on Norway and Britain has bagged financing worth $525 million (£316.6m).
Energy investor Riverstone Holdings and Barclays Bank’s energy fund BNRI are providing $200 million (£120.6m) each while Singapore’s sovereign investment fund Temasek has pledged to contribute $125 million (£75.4m).
Origo Exploration AS, headquartered in Norwegian city Stavanger, aims to buy exploration licences through farm-in deals by participating in licensing rounds and acquisitions.
It plans to take part in drilling around 25 exploration wells in the next five years.
Source: Energy Live News