Upstream startup Origo Exploration won $525 million in equity investments Tuesday from Riverstone Holdings, Barclays Natural Resource Investment, and Singapore’s Temasek.
UK-based companies Riverstone and Barclays will each commit $200 million and Temasek will contribute $125 million.
Temasek is an investment arm of the Singapore government.
Norway-based Origo will acquire exploration licenses on the Norwegian and UK continental shelves.
The company plans to participate in drilling about 25 exploration wells during the next five years.
Riverstone said that Origo will also bring discoveries to development and production when deemed appropriate.
Riverstone’s funding includes $133 million from Riverstone Global Energy and Power Fund V and $67 million from Riverstone Energy.
Origo was officially launched Tuesday at the ONS exhibition in Stavanger, Norway.
The company will be led by industry veterans Andrew Armour, Timothy Sullivan, Svein Ilebekk, Ørjan Gjerde and former Statoil Vice President for Access Projects in Exploration Kent Høgseth.