Fairfield boosts North Sea war chest

Seat on board: Lord Browne

Eoin O'Cinneide/Upstream

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Steve Marshall

 09 July 2012 10:47 GMT

North Sea-focused independent Fairfield Energy is to gain a $150 million capital injection to bankroll fresh acquisitions through a newly agreed investment by Riverstone Holdings that will also give former BP boss Lord Browne a seat on its board.

The private equity fund will pump an initial $150 million into Fairfield with the option of providing an additional $200 million alongside future contributions from other investors led by Warburg Pincus.

Fairfield aims to further on its expansion over the past two years that has seen it aqcuire a portfolio of exploration and production assets in the UK North Sea, including the Darwin and Crawford/Porter discoveries, as well as the Clipper South gas field that is due online this summer.

The company is also targeting block awards in the UK’s 27th licensing round.

“Fairfield management sees significant opportunities in several plays and sub-basins…

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