New Norwegian exploration firm Mime Petroleum has agreed to an investment deal worth up to US$300 million from Blue Water Energy.
Oslo-headquartered Mime Petroleum has been set up to focus on developing existing fields and licenses on the Norwegian Continental Shelf (NCS), through production optimization, developments and near field exploration opportunities.
Mime was formed by Sverre Skogen, former executive chairman at Det norske, and former CEO at Aker Kvaerner, with an experienced management and technical team with a track record of working together.
Blue Water Energy will become its majority shareholder alongside the Mime Petroleum management team. The firm's strategy is focused on acquisitions of participating interests in fields with potential upside and enhancing their long term value through infill drilling, development tie-backs and near field exploration to enhance asset lifetimes.
Skogen is chained by Lars Øyno and Rune Taule who have held various management roles in several licenses on the NCS, will be joined by further executives in the near term.
Skogen says: “With the professional Mime team and Blue Water Energy as lead investor, this venture has all the elements needed to build a new and significant independent on the NCS. I am very excited about the opportunity to create a new generation E&P company set to further enhance the production and development of our petroleum resources.”
Blue Water Energy recently invested in Siccar Point Energy and Wellesley Petroleum.
This month, a UK company with the same name - Mime Petroleum - was also formed with directors listed who have also been involved with Blue Water Energy.