HitecVision-backed Verus Petroleum buys UK oil firm Cieco
OSLO, Sept 20 (Reuters) - Aberdeen-based Verus Petroleum has
agreed to acquire Cieco, a subsidiary of Japanese commodity
trading house Itochu for an undisclosed sum, Verus'
majority owner, Norwegian private equity firm HitecVision, said
The acquisition, which includes a 23-percent stake in the
Western Isles field development project, a 25.8 percent stake in
the Hudson field, will add about 11,000 barrels of oil
equivalents per day (boepd) to Verus, HitecVision added in a
Norwegian business daily Dagens Naeringsliv, which first
reported the news, said the deal's value was close to 3.3
billion crowns ($405.11 million).
Both Cieco and HitecVision were not available to comment.
Reuters reported in June that Itochu has been seeking buyers
for its petroleum assets in Britain.
(Reporting by Camilla Knudsen and Nerijus Adomaitis; Editing by
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