Mime Petroleum is mainly focused on existing fields and licenses located in the Norwegian Continental Shelf (NCS). It was founded by Sverre Skogen, who is also the company’s chairman and CEO.
The company plans to purchase assets available on the NCS and concentrate on production optimization, developments and near-field exploration opportunities.
Skogen said that Mime Petroleum has received strong strategic and financial support from Blue Water Energy till date, which is now enhanced significantly in combination with Blackstone.
He added: “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.”
In May 2017, Mime Petroleum said that affiliates of BWE had agreed to lead an initial investment of up to $300m. The investment saw BWE become the majority stakeholder of Mime Petroleum alongside the latter’s management team.
Blackstone senior managing director Mustafa M. Siddiqui said: “We are delighted to be backing Sverre Skogen and the Mime Petroleum team. With $15 billion 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.
“We and BWE have enjoyed a successful partnership in the UK and we look forward to replicating that success in Norway.”
Mime Petroleum claims that its management team has a long track record of mergers and acquisitions, technical, commercial and financial success on the NCS.
Its core management team is made up of five executives who had worked together before to develop DEA Norge’s upstream business.
