New North Sea entrant Wellesley Petroleum will focus on exploration activity in the Norwegian North Sea through licensing rounds, farm-ins and acquisitions.

The new entrant has been launched by a diverse and experienced management team, including former Agora and Cairn Energy Norwegian operations manager Callum Smyth, and former RIT Capital Partners private equity specialist Olivier Hopkes.

International law firm Pinsent Masons advised Blue Water Energy (BWE), the energy-focused private equity house, on the syndicated $250 million (£163 million) investment into the new North Sea oil and gas explorer.

Last year, Pinsent Masons advised Blue Water Energy on the $500 million (£325 million) investment and launch of UK Continental Shelf (UKCS) explorer, Siccar Point.

This latest investment brings the aggregate commitment of BWE and its partners including GIC, the Singaporean sovereign wealth fund, to three quarters of a billion dollars ($750,000,000) in less than six months.

A team from Pinsent Masons was led by energy-focused corporate partner Barry McCaig and senior associate Brian Thumath.

Barry McCaig said: “The oil and gas industry is facing an uncertain time, however private equity investment of this scale demonstrates that there is still significant opportunity for those investors willing to take a long term view. The message is clear that the North Sea remains very-much open for business and private equity has a critical role to play in that.

“Blue Water Energy and its partners have made a major commitment to back both Norwegian North Sea and UKCS assets in the last six months and we expect that Wellesley will be active in the market in the coming months as they look to acquire Norwegian acreage. Given the investor backing from BWE and the strength of the management team, Wellesley will be well placed to take advantage of opportunities, even in this challenging market.”

Related Posts

APS Group Scotland develops visual identity for 2014 Aberdeen International Yout... Marketing services provider, APS Group Scotland, has developed the creative themes and visual identity for the 2014 Aberdeen International Youth Festi...
Baker Tilly enters Aberdeen market by merging with Simpson Forsyth Baker Tilly has merged with Aberdeen-based accountants Simpson Forsyth in a deal that gives the national firm a quality platform from which to grow in...
Scottish airports weigh in on third runway at Heathrow Three of Scotland’s major airports have given their opinions on the Airports Commission’s recommendations to build a third runway at Heathrow. Whil...
Hundreds of employees across Scotland to take part in a day of volunteering acti... Hundreds of employees from businesses across Scotland will be volunteering in the community on Give & Gain Day on 15 May 2015, the world’s only de...
Peterhead awarded National Grid support contract Peterhead Power Station has been offered a one-year contract to provide back-up power, as part of a £36.5million National Grid programme. The Aberd...
Backup and Recovery: A Burning Issue for Businesses According to arecent IT survey, 74% of firms and public sector organisations in nine European countries said they were ‘not confident’ that they could...