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Petroleum Equity partners with RAG to invest €300m in European oil & gas sector

06 Oct 2015

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Petroleum Equity, an alternative investment firm focused on the upstream oil and gas industry in EMEA, has announced that it is partnering with leading European E&P company, Rohöl-Aufsuchungs Aktiengesellschaft ('RAG'), to form a new E&P company, RAG Deutschland GmbH ('RDG'). RDG will pursue attractive investment opportunities in the onshore European oil & gas market, with a focus on Germany. The Company aims to invest €300m in equity over the next few years, capitalising on the network of the Petroleum Equity team and RAG’s pre-eminence in the development and operations of mature fields as a low cost operator. The current oil price environment offers attractive investment opportunities for RDG with significant upside from any oil price recovery. As part of the transaction, RAG is transferring all its existing German licences and concessions as well as a highly skilled technical and operational team into RDG.  

By combining RAG’s technical and operational expertise and Petroleum Equity’s investment capabilities, RDG is a strategic partnership aiming to capitalise on the significant divestment activity that is expected in the European E&P sector, in particular in Germany. The focus will initially be on mature fields and redevelopments, using RAG’s outstanding experience and track record with comparable assets in Austria. Once established as a successful business in Germany, RDG will pursue opportunities in other European countries. Together, Petroleum Equity and RAG are ideally suited to access investments while efficiently executing technical and operational business plans at low cost.  

Petroleum Equity was established in 2012 to address the significant lack of alternative capital providers focused on upstream oil & gas investment opportunities in the EMEA Region. Its senior industry team has deep and specialist expertise in oil & gas investments with an average of 27 years of track record in the sector. Its Chairman, Bernhard Schmidt, also adds significant oil & gas experience and deep networks especially in Germany through his previous role as Head of E&P at Wintershall, the largest German oil & gas company.   

Petroleum Equity is also currently invested in Alpha Petroleum, a UK North Sea Operator with interests in four producing gas fields and two development assets, including Cheviot, one of the largest undeveloped oil fields containing 2P reserves of 75 mmboe on the UK Continental Shelf. The Cheviot Oil Field achieved a key milestone in September when a Field Development Plan was submitted to the Oil and Gas Authority in the UK.  

Bernhard Schmidt, Chairman and Founding Partner at Petroleum Equity commented: 'Today’s announcement is a significant step forward in Petroleum Equity’s strategy of investing in the large pool of attractive opportunities that currently lie in the European onshore oil & gas market. Through combining Petroleum Equity’s years of investment experience in the oil & gas sector and the unrivalled technical and operational expertise of RAG, we are creating a leading industry player of significant scale in the European upstream market'.  

Markus Mitteregger, Chief Executive Officer of RAG, commented: 'We are delighted to be partnering with Petroleum Equity in RDG. We have known the Petroleum Equity team for years and they have proven expertise in executing deals in the very specialist European upstream oil & gas market. We look forward to joining their investment capabilities with our strong existing position on the ground.' 

Source: Petroleum Equity

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