April 25, 2018 / 11:56 AM / a month ago

Norway's Point Resources looks for partners in North Sea fields

LONDON (Reuters) - Energy firm Point Resources, backed by private equity firm HitecVision [HITECH.UL], has hired investment bank BMO Capital Markets to find a minority partner in some of its oil fields in the North Sea, a document drawn up for the company shows.

The Norwegian oil producer currently holds a 100-percent operated interest in the Balder and Ringhorne fields and a 77.5 percent interest in Ringhorne East, which it acquired from ExxonMobil (XOM.N) in 2017.

Point Resources is looking to remain the operator of the assets after the transaction, dubbed “Project Andi”, according to the document reviewed by Reuters.

By the end of 2017, the three fields had a combined production of 502 million barrels of oil equivalent.

    Information documents for the assets will be sent to potential buyers by the end of April, while bids are expected by mid-June, according to the document.

    Point Resources did not immediately respond to a request for comment. BMO (BMO.TO) declined to comment.

    Point Resources, which was established in 2016, aims to become a leading, independent player on the Norwegian Continental Shelf and targets production of more than 150,000 barrels of oil equivalent per day by the mid-2020s.

    Writing by Clara Denina; Editing by Mark Potter

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