Private equity firms Blackstone Energy Partners and Blue Water Energy (BWE) have reached an agreement to invest up to $1bn in Mime Petroleum, a newly formed development and production company.

Founded last year by BWE, Mime Petroleum is mainly focused on strengthening position in existing fields and licences on the Norwegian Continental Shelf (NCS).

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The company’s working model will include the acquisition of assets on the NCS, in addition to pursuing production optimisation, developments, and near-field exploration opportunities.

Mime Petroleum chairman and CEO Sverre Skogen said: “Whilst Blue Water Energy has provided strong strategic and financial support to date, this is now significantly enhanced in combination with Blackstone.

“There are a lot of high-quality opportunities on the NCS and we are well-positioned to take advantage of these.”

“There are a lot of high-quality opportunities on the NCS, and, with two of the foremost energy investors behind us, we are well-positioned to take advantage of these.”

Mime Petroleum is planning to develop a sustainable business on the NCS by investing in viable development projects and fields in production, as well as enhancing the recovery of fields supporting infill drilling programmes and IOR initiatives.

In addition, the company intends to achieve maturation of near-field prospects in order to exten the lifetime and estimated ultimate recovery (EUR) of fields.

Blackstone Energy Partners senior managing director Mustafa Siddiqui said: “With $15bn of capital invested in the energy sector, we continue our track record of supporting top management teams with the growth capital and resources to build energy industry champions.”