Norwegian independent attracts support funding

Warburg Pincus has agreed to invest up to $150 million in Explora Petroleum, a new oil and gas exploration company focussing on the Norwegian continental shelf.

Offshore staff

STAVANGER, Norway – Warburg Pincus has agreed to invest up to $150 million in Explora Petroleum, a new oil and gas exploration company focussing on the Norwegian continental shelf.

Explora claims to be assembling a team of geoscientists that combine a mix of global industry experience and local knowledge of the Norwegian offshore sector.

Warburg Pincus’ funding will help finance the company’s long-term business plan, including assembling a portfolio of offshore exploration and appraisal opportunities.

Explora’s board plans to start the pre-qualification process with the Norwegian authorities in the near future.

10/07/2011

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