* Verus owned by private equity firm HitecVision
* Sale could fetch over $500 million
* Investment bank Jefferies running the process
By Ron Bousso
LONDON, Feb 20 (Reuters) - Private equity firm HitecVisionis seeking to sell its British North Sea oil and gas productionunit Verus Petroleum, which last year completed a string oflarge acquisitions ramping up its output, industry and bankingsources said.
The sale process is being run by investment bank Jefferiesand could fetch $500 million, according to the sources.
HitecVision and Verus Petroleum did not respond to requestsfor comment. A Jefferies spokeswoman declined to comment.
Aberdeen-based Verus Petroleum outlined last November plansto move to "a new phase of growth" after its oil and gasproduction rose 12 fold to 18,000 barrels of oil equivalent perday (boed) following three key acquisitions.
Verus Petroleum last year bought Cieco, the North Seasubsidiary of Japanese commodity trading house Itochu for $400million. It also bought Premier Oil'sinterest in the Babbage gas field and Equinor's stake in theAlba field.
The deals were funded by equity provided by HitecVision,cash and debt.
Verus Petroleum's production averaged 15,500 boed in 2018 atan average cost of $11 a barrel, according to its website.
The North Sea has seen a slew of investments in recent yearsas long-standing oil companies such as Royal Dutch Shelland BP reduce their presence in the ageing basinwhile new, often private equity-backed firms see opportunitiesto squeeze profits from fields in the region through more nimbleoperations.
Verus Petroleum's sale process comes as a number ofcompanies are also trying to sell assets in the basin includingChevron, France's Total and ConocoPhillips.(Reporting by Ron BoussoEditing by Alexandra Hudson)
