LONDON, Aug 26 (Reuters) - Three energy investment fundshave promised a combined $525 million in financing for a new oilexploration and production company focused on Norway andBritain, operating under the name Origo Exploration AS.
Energy investor Riverstone Holdings and Barclaysbank's energy fund BNRI are each contributing $200million, and Singapore's sovereign investment fund Temasek $125million.
Origo, headquartered in Norway's oil capital Stavanger,plans to take part in drilling around 25 exploration wells overthe coming five years, focusing on Norwegian and British waters.
The company aims to purchase exploration licences throughfarm-in deals, by participating in licensing rounds andacquisitions.
Oil entrepreneurs Andrew Armour and Timothy Sullivan, whohave previously set up North Sea exploration firms, are leadingOrigo together with Norwegian experts Svein Ilebekk, KentHogseth and Orjan Gjerde. (Reporting by Karolin Schaps, editing by John Stonestreet)
Barclays (BARC)
