Blackstone Energy backs Blue Water's Mime Petroleum

Blackstone Energy and Blue Water have agreed to inject an initial investment of up to $1bn in Mime Petroleum.

The company will use the new funding to acquire assets available on the Norwegian Continental Shelf and pursue the production and development of oil and gas opportunities.

Previous funding
In May 2017, Blue Water acquired Norway-based new production and development company Mime Petroleum, which operates on the Norwegian Continental Shelf, for a consideration of $300m.

The funding was designed to back the company's production and development of petroleum resources.

Company
Established in 2017 by private equity investor Blue Water and CEO Sverre Skogen, Mime Petroleum is headquartered in Oslo. The firm is focused on driving value creation in existing fields and licences. It will acquire assets available on the Norwegian Continental Shelf and pursue production optimisation, developments and near-field exploration opportunities.

People
Blue Water Energy – Graeme Sword (founding partner).
Blackstone – Mustafa Siddiqui (senior managing director).
Mime Petroleum – Sverre Skogen (CEO, chairman).

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• Topics
• Expansion
• Nordics
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• Norway
• Blackstone Group