Origo Exploration, a new oil and gas company focused on the Norwegian and UK continental shelves, is being launched Tuesday at the ONS exhibition in Stavanger. The firm has received commitments for a total of $525 million equity investment from three investment funds ahead of its launch.
Origo will acquire exploration licenses in Norway and the UK through farm-ins, licensing rounds and focused acquisitions. It plans to participate in the drilling of around 25 exploration wells over the next five years and, where appropriate, being discoveries towards development and production, according to one of its investors, Riverstone Holdings.
Riverstone is investing $200 million through two of its funds, while Barclays Natural Resource Investment will also invest $200 million. The remaining $125 million will come from Singapore-based investment company Temasek.
Origo, headquartered in Stavanger, will be led by Andrew Armour, Timothy Sullivan, Svein Ilebekk, Kent Høgseth and Ørjan Gjerde – all experienced professionals in the exploration and production industry in Norway and the UK. Høgseth will be the new company's exploration director after having previously served as vice president for access projects in exploration at Statoil between January 2012 and April last year.
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