Anders V. Heieren
Phone: +47 23 89 40 00
Mobile: +47 982 94 522
Go to content
The establishment of the new oil company Origo Exploration was announced Tuesday 26 August.
Energy-focused private equity firms Barclays Natural Resource Investments (“BNRI”) and Riverstone Holdings LLC (“Riverstone”), will each contribute up to USD 200 million of funding. Singapore-based investment company Temasek will contribute an additional amount of up to USD 125 million. This is the largest equity transaction in Norway so far this year. It is also the largest equity raising completed for a startup exploration-focused E&P company. Arntzen de Besche advices Riverstone and BNRI.
The company will acquire exploration licences in the Norwegian and UK continental shelves through farm-ins, licence rounds and focused M&A activity. It plans to participate in the drilling of around 25 exploration wells over the next five years and, where appropriate, bring discoveries towards development and production.