Norway's longer shelf life lures PE players

The private equity model targets the potential remaining in Norwegian waters

Private equity (PE)-backed independents acquiring offshore blocks in the Norwegian Continental Shelf (NCS) from downsizing US producers cite the greater undeveloped and yet-to-find reserve base as a key driver. Norwegian firm Pandion Energy, backed by Asian PE fund Kerogen Capital, announced an agreement with US giant ConocoPhillips in July to acquire a 20pc interest in the PL 891 block in the Slagugle (Ural owl) prospect. Other PE-backed firms, including Mime Petroleum, Neptune Energy and Wellesley Petroleum, have also purchased existing fields and licenses on the NCS in recent months. "There is more upside on the NCS than the UKCS [United Kingdom Continental Shelf]. There are still a lot o