New UK, Norway-focused oil explorer bags $525m

A new oil exploration and production company focused on Norway and Britain has bagged financing worth $525 million (£316.6m). Energy investor Riverstone Holdings and Barclays Bank’s energy fund BNRI are […]

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By Priyanka Shrestha

A new oil exploration and production company focused on Norway and Britain has bagged financing worth $525 million (£316.6m).

Energy investor Riverstone Holdings and Barclays Bank’s energy fund BNRI are providing $200 million (£120.6m) each while Singapore’s sovereign investment fund Temasek has pledged to contribute $125 million (£75.4m).

Origo Exploration AS, headquartered in Norwegian city Stavanger, aims to buy exploration licences through farm-in deals by participating in licensing rounds and acquisitions.

It plans to take part in drilling around 25 exploration wells in the next five years.