May 29, 2019 / 1:09 PM / a month ago

HitecVision to turn Solveig unit into oil and gas firm

STAVANGER, Norway (Reuters) - Private equity fund HitecVision plans to turn its recently acquired Solveig Gas pipeline firm, which owns 25.6% of the Gassled joint venture, into an oil and gas company, senior partner Alf C. Thorkildsen told Reuters on Wednesday.

Solveig’s current revenue comes from its stake in Norway’s Gassled pipeline and terminals venture, of which it is the second largest owner after government license holder Petoro, which owns 46.7%.

“This (Gassled stake) is the foundation for an oil exploration and production (E&P) company. It has a stable income and from there we will build an oil and gas company on that basis,” Thorkildsen said at an energy conference.

“We will expand the business. Solveig will be into development and production,” he said, adding that HitecVision was looking for assets to buy.

HitecVision has billions of dollars to spend on acquisitions in the North Sea, Thorkildsen said. It recently announced the sale of another company, Norway’s CapeOmega, for $1.4 billion.

HitecVision also owns a 30.4% stake in Vaar Energy, and Italy’s Eni owns the rest. Vaar was formed last year by merging Eni’s Norwegian operations with assets HitecVision had bought from Exxon Mobil.

Reporting by Lefteris Karagiannopoulos; editing by David Evans

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