• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 2 hours New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 5 hours Permafrost Melting Will Cost Us $70 Trillion
  • 2 hours UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 11 hours Russia To Start Deliveries Of S-400 To Turkey In July
  • 10 hours Occidental Offers To Buy Anadarko In $57 Billion Deal, Topping Chevron
  • 7 hours Nothing Better than Li-Ion on the Horizon
  • 10 hours Facebook Analysts Expect Earnings Will Reinforce Rebound
  • 1 day Countries with the most oil and where they're selling it
  • 2 hours ..
  • 7 hours How many drilling sites are left in the Permian?
  • 1 day Section 232 Uranium
  • 1 day China To Promote Using Wind Energy To Power Heating
Alt Text

Trump's Latest Oil Market Gamble

Oil prices surged on Monday…

Alt Text

Oil Falls On Rising Crude Inventories

Crude oil prices fell slightly…

Alt Text

Libya’s Fragile Oil Renaissance Is Under Threat

Libya’s oil recovery under General…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

Private Equity Is Jumping Into This Reemerging Oil Hotspot

I talked earlier this week about increasing private equity activity in the U.S. shale patch.

And news the last few days shows energy PE is also growing in the international E&P space. With major players Blackstone Group and Warburg Pincus saying Tuesday they will monetize $290 million in value from Africa-focused Kosmos Energy.

But elsewhere, private equity is buying into plays — with one group putting up $300 million in fresh capital for an unexpected start-up in one of the world’s most mature basins.

The North Sea.

London-based PE outfit Blue Water Energy was named Tuesday as the major backer for a new E&P focused on the Norwegian North Sea — Mime Petroleum. With that company announcing that Blue Water will inject $300 million into the firm.

That’s a significant amount of cash coming in — for a place many oil and gas insiders have written off as over-the-hill. But just as fast as E&Ps have been exiting the North Sea, new capital has been pouring in. Evidenced by very strong bid round activity in Norway during the last few years.

That shows big investors still see a lot of potential in this mature basin. In fact, the region has been seeing a “silent” investment boom — underscored this week by another massive deal.

That’s a $1.05 billion transaction from chemical-maker INEOS, unveiled Wednesday. With that company buying the entire North Sea portfolio of Denmark’s DONG Oil & Gas — covering assets in the UK, Norway and Denmark.

The INEOS buyout is a big one, coming with 100,000 barrels equivalent per day of production, and 570 million boe of reserves. Which the chemical major will use as supply for its downstream operations.

The biggest takeaway: a lot of money is still out there for North Sea projects. And much of it is coming from non-traditional sources. Watch for more deals on assets in this part of the world, and for continued activity in bid rounds here as they press into frontier plays with world-class upside.

Here’s to strong hands.

By Dave Forest

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News