Norway's Point Resources Looks For Partners In North Sea Fields



Reuters

LONDON, April 25 (Reuters) - Energy firm Point Resources, backed by private equity firm HitecVision, has hired investment bank BMO Capital Markets to find a minority partner in some of its oil fields in the North Sea, a document drawn up for the company shows.

The Norwegian oil producer currently holds a 100-percent operated interest in the Balder and Ringhorne fields and a 77.5 percent interest in Ringhorne East, which it acquired from ExxonMobil in 2017.

Point Resources is looking to remain the operator of the assets after the transaction, dubbed "Project Andi", according to the document reviewed by Reuters.

By the end of 2017, the three fields had a combined production of 502 million barrels of oil equivalent.

Information documents for the assets will be sent to potential buyers by the end of April, while bids are expected by mid-June, according to the document.

Point Resources did not immediately respond to a request for comment. BMO declined to comment.

Point Resources, which was established in 2016, aims to become a leading, independent player on the Norwegian Continental Shelf and targets production of more than 150,000 barrels of oil equivalent per day by the mid-2020s.

(Writing by Clara Denina; Editing by Mark Potter)



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.