Switzerland-based Partners Group has agreed to acquire CapeOmega, a Norwegian midstream infrastructure company, from private equity investor HitecVision, for about €1.2bn.
Established in 2014, CapeOmega is engaged in providing infrastructure for transportation of natural gas produced on the Norwegian Continental Shelf (NCS).
The midstream infrastructure company holds stakes in the Gassled offshore gas transmission system, Nyhamna gas processing plant, and the 480km Polarled pipeline.
The Norwegian firm holds a stake of 16.322% working interest in the Gassled gas transport system, which comprises 8,000km of pipelines, offshore riser platforms, onshore processing facilities and receiving terminals located across four European countries.
In the Nyhamna gas processing plant, the company has a stake of 13.18%. The gas processing facility located in Aukra municipality in Møre and Romsdal entered into operations in 2007.
Originally built to enable processing and export of gas from the Ormen Lange Field located in the Norwegian Sea, the Nyhamna gas processing plant has an export capacity of 84 mill scm gas daily.
In the Polarled pipeline, the company holds a stake of 33.27%. The offshore gas pipeline ties the Aasta Hansteen platform to the Nyhamna gas processing plant.
CapeOmega also has stakes in three offshore oil fields – Brynhild (49%), Oselvar (45%) and Enoch (4.36%), which are all at the late-stage of their production lifetime.
Partners Group said that it will closely work with CapeOmega’s management team for further expansion of offshore infrastructure and associated assets. The Swiss asset manager said that it will focus on greenfield developments and brownfield acquisitions for the Norwegian oil and gas firm.
Partners Group private infrastructure Europe managing director Esther Peiner said: “Natural gas is increasingly adopted as a complementary fuel source to renewables in the context of the retirement of coal-fired and nuclear power plants across Europe, and the NCS is poised to benefit from this demand tailwind.
“Partners Group welcomes the opportunity to partner with a well-respected and experienced management team to realize the associated infrastructure expansion potential for CapeOmega in one of Europe’s key natural gas supply hubs.”