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

Thu, 01st Mar 2018 14:08

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

* "We see quite a few opportunities on the NorwegianContinentalShelf, some of them are quite big, and we will be part of it,"said Skogen, adding that many of these could come frominternational oil majors seeking to exit Norway

* BP, ExxonMobil and Total haveeithersold or merged assets with other companies

* Shell and Conoco Phillips retainsubstantialoperated assets off Norway

* "They need to exit, we need (an) IPO. That's where youwill seethe developments," Skogen said, adding that a listing could comein 3-5 years

* Mime Petroleum is backed by private equity groups BlueWaterEnergy and Blackstone

* Private equity investors have over the past two-threeyears beenbuying up assets in Norway's oil sector which until recentlysuffered from low crude prices(Reporting by Nerijus Adomaitis; editing by Gwladys Fouche andJason Neely)

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