Private equity firm HitecVision is to invest $150m in a newly launched UK-based oil and gas exploration and production company, which will focus on the North Sea.
Oyster Petroleum will be financially backed and fully funded by HitecVision, which will invest in the company via its HitecVision VI fund.
The firm noted that it has invested in a number of highly successful start-ups in the North Sea, including Revus Energy, Noreco, and Spring Energy, which was sold to sector major Tullow Oil in 2012.
HitecVision’s current exploration and production portfolio includes Core Energy and Spike Exploration.
HitecVision senior partner Harald Vabø said, “We have worked with the Oyster management team before and are impressed by their experience and capabilities. We believe that the UKCS is an attractive part of the North Sea that retains significant potential but lacks adequately funded exploration companies.
“We are excited to be funding a company which will target new plays and sizeable exploration prospects.”
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