March 1, 2018 / 2:11 PM / 22 days ago

Private equity-backed Norwegian oil start-up eyes listing in 3-5 yrs

OSLO, March 1 (Reuters) - Oil start-up Mime Petroleum will seek to buy Norwegian offshore assets and expects to list its shares on the Oslo bourse in three to five years, Executive Chairman Sverre Skogen told an industry conference on Thursday:

* “We see quite a few opportunities on the Norwegian Continental Shelf, some of them are quite big, and we will be part of it,” said Skogen, adding that many of these could come from international oil majors seeking to exit Norway

* BP, ExxonMobil and Total have either sold or merged assets with other companies

* Shell and Conoco Phillips retain substantial operated assets off Norway

* “They need to exit, we need (an) IPO. That’s where you will see the developments,” Skogen said, adding that a listing could come in 3-5 years

* Mime Petroleum is backed by private equity groups Blue Water Energy and Blackstone

* Private equity investors have over the past two-three years been buying up assets in Norway’s oil sector which until recently suffered from low crude prices (Reporting by Nerijus Adomaitis; editing by Gwladys Fouche and Jason Neely)

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