KKR backs oil & gas buy-and-build platform

The platform is backed by an investment from KKR European Fund IV, which will be the primary investor in TEOG.

Heading the platform will be Roland Wessel, Colin Judd and Melvyn Horgan, who founded Star Energy in 1999. The business came to acquire 25 oil and gas fields and commissioned 10 gas storage facilities before being bought by Petronas in 2008.

The trio will use their experience to acquire well-established oil and gas production assets in Europe, and will aim to leverage their knowledge of enhanced oil recovery techniques to improve output.

In December, the director of KKR's energy team in Europe, Josselin de Roquemaurel, told unquote" there was increasing interest in the exploration and production sector from private equity. De Roquemaurel noted that the falling oil prices would likely create opportunities for outfits such as KKR.

Company
TEOG was launched by KKR in 2015 as a buy-and-build platform for onshore oil and gas production in Europe.

The company is headed by former Star Energy founders and management, including reservoir engineer Melvyn Horgan, financial director Colin Judd, and Integrated Drilling Services founder and 35-year industry veteran Roland Wessel.

People
Johannes Huth is head of KKR EMEA. Haroun van Hövell is a managing director and head of energy in EMEA for KKR.

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