January 25, 2018 / 11:41 AM / 2 years ago

Blackstone to invest in Norwegian oil startup Mime Petroleum

OSLO (Reuters) - Private equity firms Blackstone and Blue Water Energy LLP will together invest up to $1 billion in Norwegian oil startup Mime Petroleum, the companies said on Thursday.

Founded last year, Oslo-based Mime will focus on buying stakes in oilfields off Norway to drive value via production optimization, new developments and near-field exploration.

Blackstone declined to say how big its individual investment would be.

A number of private equity firms, including Hitecvision and Kerogen Capital, have bought assets on the Norwegian continental shelf (NCS) in recent years as oil majors and European energy companies sought to divest.

Reporting by Nerijus Adomaitis, editing by Terje Solsvik

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