Energy Ventures, a venture capital firm dedicated to funding high growth energy companies, has announced its intentions to target more than US$ 100 million of investment funding in the North Sea region over the coming year.
The organisation, with U$ 750 million of committed capital raised to date, is actively aiming to expand on a portfolio which currently includes 27 companies, including UK-based Intelligent Well Controls, Deep Casing Tools, Meta and Foster Findlay and Associates (ffA).
The firm has long praised the innovation being showcased in the oil and gas industry and believes it will provide a springboard for increasing the longevity of the North Sea.
Greg Herrera, Aberdeen-based partner of Energy Ventures, said: “The mood in the sector this year has been positive and our recent experience at Offshore Europe and similar industry events has provided a very good barometer of that momentum as we plan for 2014.
“Investment levels in the oil and gas sector have been steady for a concerted period and we remain convinced of a strong forward market. These sentiments are supported by Pareto, who, at their recent energy conference, set out a premise that oil prices are too low and the market is in need of increased investment activity to address the complex challenges that arise.”
Energy Ventures was founded on the belief that commercialisation of marketable technology companies that provide solutions to long-term oilfield challenges is the key to improving declining production levels and boosting further re-investment into the North Sea.
Greg Herrera added: “Being based in Norway, it is important that we play an active role in securing a safer and more productive future for the UK exploration and production industry. We feel strongly that this can be accomplished through a targeted investment strategy.
“We are committed to executing deals in the UK and this will continue to underpin our strategy as we look to build for the future. The current emphasis is on investment opportunities of between US$ 6 million and US$ 50 million with compelling value proposition, which can leverage Energy Ventures’ global network to create business of scale.”
Adapted from a press release by David Bizley