On Aug. 26, the New York-based investment firm Riverstone Holdings LLC joined Barclays Natural Resource Investments (BNRI) and Temasek Inc. in providing equity to Origo Exploration AS, a new exploration and production company focused on Norway and the U.K., a press release from law firm Vinson & Elkins LLP said.
Houston-based Vinson & Elkins was the legal adviser to Riverstone and BNRI. Corporate partner Francois Feuillat, associate Phil Coletto and tax partner Jenny Doak led the team, the firm said.
Norwegian local counsel to Riverstone and BNRI was provided by Geir Evenshaug, a corporate partner at Arntzen de Besche, Vinson added.
Riverstone and BNRI contributed US$200 million, while Singapore-based investment company Temasek contributed US$125 million, the firm said. Riverstone’s commitment is comprised of $133 million from the Riverstone Global Energy and Power Fund V and $67 million from Riverstone Energy Ltd. (REL), the firm added.
Stavanger, Norway-based Origo will acquire licenses for the Norwegian and U.K. continental shelves through farm-ins, license rounds and mergers and acquisitions, Riverstone Holdings said. It plans to drill about 25 exploration wells over five years, the firm added. Origo is led by Andrew Armour, Timothy Sullivan, Svein Ilebekk, Kent Høgseth and Ørjan Gjerde, the firm noted.
"We are very pleased to partner with one of the most successful exploration teams in the North Sea. Our equity commitment to Origo reflects the confidence that we have in Andrew, Svein, Tim and the rest of the team, as well as our belief in the potential for significant new discoveries in the Norwegian and UK continental shelves. The investment also provides additional scale and diversification to REL's asset base," said the co-founders of Riverstone, Pierre Lapeyre and David Leuschen.
Riverstone Holdings LLC has raised about $27 billion in equity since its founding in 2000, the press release said, noting that about $26 billion has been committed to 110 investments worldwide.
Barclays Natural Resource Investments has committed more than $3.5 billion to 30 portfolio companies worldwide since its founding in 2006, the press release noted.
Temasek Inc. has a $223 billion portfolio, the press release added.
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