New Oil Fund Riverstone Boasts Heavyweight Board



New investment fund Riverstone Energy Limited floated on the London Stock Exchange Thursday with the intention of investing exclusively in the global energy industry. The firm, which boasts a heavyweight board of former oil firm senior executives, will have a particular focus on the exploration and production sectors as well as the midstream sector.

The firm has raised approximately $1.2 billion with its initial public offering in London.

Riverstone's board includes former BP CEO Lord Browne as a partner and managing director of the company along with BG Group chairman Sir Robert Wilson, who has been appointed Riverstone's chairman. The board also boasts former Anadarko Petroleum Corporation CEO Jim Hackett.

Lord Browne served as Group Chief Executive of BP between 1995 and 2007. He also served as Executive Vice President and CFO at Standard Oil of Ohio in the mid-1980s.

Winston commented in a statement:

"We are delighted that investors have responded so positively to [Riverstone]. The interest shown by both institutional and cornerstone investors is a strong endorsement of the investment proposition and we are now fully focused on delivering the strategy we outlined at IPO."

In a joint statement, Riverstone founders David Leuschen and Pierre Lapeyre added:

"Riverstone Energy will provide a unique entry point into differentiated E&P and midstream investments across the global energy sector, including those benefiting from the North American energy revolution."

 



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