HitecVision's Point Resources acquires ExxonMobil's EEPN

The deal will see ExxonMobil Exploration and Production Norway (EEPN) merged with Point Resources, which was created by HitecVision in 2016 through the merger of the GP's portfolio companies Core Energy, Spike Exploration and Pure E&P. The GP expects the merger will create a mid-sized Norwegian exploration and production player, with around 60,000 barrels of oil equivalent per day produced in 2016 and potential to grow production to 80,000 by 2022, HitecVision said in a statement.

According to Norwegian financial publication DN.no, the deal's value was around NOK 8bn – depending on oil prices.

HitecVision and Point Resources will take on the majority of EEPN's 300 Norwegian employees, a large portion of its producing Norwegian Continental Shelf assets, field assets and office buildings in the Stavanger area.

The deal is subject to regulatory approval and is expected to complete in Q4 2017.

Company
Headquartered in Sandnes, EEPN is an oil & gas exploration and production business.

It operates interests in the Balder, Ringhorne, Ringhorne Øst, Forseti and Jotun oil & gas fields on the Norwegian Continental Shelf, including floating platforms, production facilities, storage and offloading vessels.

People
HitecVision – Ole Ertvaag (CEO, founding partner).
Point Resources – Jan Harald Solstad (CEO).

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• Topics
• Expansion
• Industrials
• Nordics
• Norway
• HitecVision
• Acquisition finance