Private-equity firm HitecVision AS has agreed to acquire 100% of the shares in Solveig Gas Norway AS, the second largest owner of Norway's offshore gas pipeline system, the company said April 2.
Solveig Gas owns 25.6% in the Gassled joint venture, which owns a majority of offshore pipelines that transport natural gas from the Norwegian Continental Shelf to customers in Europe.
HitecVision said the owners of Solveig Gas—Canada Pension Plan Investment Board, Infinity Investments SA (a wholly-owned subsidiary of the Abu Dhabi Investment Authority) and Allianz Capital Partners—have agreed to sell their stakes to a portfolio company of HitecVision.
The transaction has an effective date of Jan. 1, and is pending government and competition authority approvals.
HitecVision did not give the deal's value.
Norway's state-owned Petoro AS is the largest owner in Gassled with a 46.7% stake.
Recommended Reading
Exxon Mobil Planning To Double Profit By Combining Exploration Units
Oil major Exxon Mobil said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.
Pioneer Natural Resources Eyes Gain On Oil And Gas Hedges
U.S. shale producer Pioneer Natural Resources anticipates a non-cash gain of $576 million on oil and gas hedging contracts for the fourth quarter, according to an SEC filing.
Hess Sees No Production Shut-ins on Hedges, Storage Capacity
The company said that in 2020 about 80% of its production is hedged with put options for 130,000 barrels per day at $55 per barrel West Texas intermediate (WTI) crude, and 20,000 barrels per day at $60 per barrel Brent.