Riverstone Holdings invests $200m in Norwegian oil explorer

26th Aug 2014 11:00

Energy and power investor Riverstone Holdings on Tuesday said it was investing $200m in new Norwegian oil & gas company Origo Exploration.Barclays Natural Resource Investments will also contribute $200m of funding to Origo and Singapore's investment company Temasek will provide $125m.The Riverstone commitment comprises $133m from Riverstone Global Energy and Power Fund V and $67m from Riverstone Energy (REL).Stavanger-based Origo plans to acquire exploration licences in Norway and in the UK and plans to drill 25 exploration wells in the next five years. Riverstone's co-founders Pierre Lapeyre and David Leuschen said the investment will bring "significant new discoveries in the Norwegian and UK continental shelves". "The investment also provides additional scale and diversification to REL's asset base," they said.JF