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Carey Olsen's corporate team in Guernsey has advised existing client Blue Water Energy LLP (BWE) on its investment in new Norwegian oil firm Mime Petroleum AS.
Partnering with Blackstone Energy Partners (Blackstone), the combined investment by BWE and Blackstone for Mime Petroleum AS is for an initial amount of up to US$1 billion.
Mime Petroleum, an independent development and production company, was established by BWE and Sverre Skogen, chairman and CEO of Mime Petroleum. It is focused on acquiring assets available on the Norwegian continental shelf and pursuing production optimisation, developments and near-field exploration opportunities.
Carey Olsen partner Andrew Boyce led the team advising BWE on the Guernsey legal and regulatory aspects of its investment into Mime Petroleum, supported by senior associate Ruth Abernethy.
"The company's senior management team has a long track record of success operating on the Norwegian continental shelf and we are therefore delighted to have advised BWE on its investment in Mime Petroleum," said Mr Boyce.
Mr Boyce had recently led the Carey Olsen team that advised BWE on the US$1.1 billion final closing of Blue Water Energy Fund II at the end of last year, surpassing its original fundraising target of US$1 billion.
Commenting on BWE's investment into Mime Petroleum, Mr Skogen said: "Whilst Blue Water Energy has provided strong strategic and financial support to date, this is now significantly enhanced in combination with Blackstone. There are a lot of high-quality opportunities on the Norwegian continental shelf, and, with two of the foremost energy investors behind us, we are well positioned to take advantage of these."
Graeme Sword, Partner of BWE, added: "We are happy to partner with Blackstone again on building another leading E&P business."
Pictured: Andrew Boyce
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