Investment boost: from 3i
3i adds to Delta's coffers
European venture capital outfit 3i is investing $250 million into start-up player Delta Hydrocarbons as part of its $1 billion fundraising drive.
Delta, set tp by former Shell E&P boss Walter van de Vijver and ex-Schlumberger executive Maarten Scholten, aims to collaborate with national oil outfits and international players to help them enhance output at mature producing fields.
Under Delta’s business model, companies will retain ownership of their assets, with Delta supplying the capital, project design, management and execution of production enhancement projects.
Other investors in the company include Dyas, a subsidiary of SHV Holdings, and Upstream Capital Partners, an affiliate of Mercuria Energy Group. Both companies are matching 3i's $250 million investment.