BREAKING NEWS

BREAKING NEWS

Private equity firm Blue Water Energy raises $1.1 billion for oil investment

Now Reading:

Private equity firm Blue Water Energy raises $1.1 billion for oil investment

Text size Aa Aa
By Ron Bousso LONDON (Reuters) - Private equity firm Blue Water Energy said on Monday it had raised $1.1 billion for a fund to invest in oil and gas, the latest sign of growing appetite for the industry as crude prices recover from a downturn. The fund was closed after exceeding its initial target, Blue Water said in a statement. It has so far invested in three firms -- Norway-focused Mime Petroleum, infrastructure company GPS Group and Authentix, which provides services for oil trading. The fund is the second Blue Water has launched in recent years. It used the first $862 million fund, launched in 2013, to invest in North Sea producer Siccar Point, a joint venture with Blackstone that acquired a $1 billion portfolio of asset from Austria's OMV <OMVV.VI>. A number of leading private equity funds have invested billions in oil and gas assets around the world in recent years, hoping to generate strong returns as the sector emerges from the downturn since mid-2014. (Reporting by Ron Bousso; Editing by Edmund Blair)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.