Oil firm start-up Wellesley Petroleum plans to secure around 40 licences in oil and gas fields in offshore Norway.

The company intends to take part in around six wells every year.

Wellesley Petroleum plans to operate one or two of these wells and is scouting for relevant professional staff, reported Reuters.

Wellesley Petroleum has secured approval from the Norwegian Petroleum Directorate (NPD) to hold offshore interests in 2015.

"Wellesley Petroleum has access to an equity line of up to $250m."

The company is a partner in seven production licenses, according to NPD data.

It was established with the support of private equity firm Blue Water Energy in 2015.

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By GlobalData

Through an investment agreement with Bluewater Energy and affiliates, Wellesley Petroleum has access to an equity line of up to $250m.

The company aims to develop a material, full cycle E&P business by investing in generating new technically and commercially attractive prospects. There are also plans to access a material acreage bank via licence rounds and new business initiatives, plan and execute a sustainable drilling campaign of high ranked exploration targets.