Energy Ventures Invests in Exploration Analytics Specialist Hannon Westwood

Energy Ventures, a leading private equity firm dedicated to funding high growth energy companies, has committed to a £10million investment into exploration research & analytics firm Hannon Westwood.

Tomas Hvamb, with Energy Ventures in Aberdeen, said: “Energy Ventures sees Hannon Westwood as a platform to build a high powered energy information and analytics company. It is an investment driven by the need among oil and gas operators to improve efficiency, in terms of capital expenditure, for both new and existing assets.”

“Lowering exploration and production costs is vitally important in the current economic climate – and that is at the heart of the Hannon Westwood deliverable. We view this is an opportunity to invest in a vibrant business capable of growing and evolving ahead of industry developments”, Hvamb says.

Hannon Westwood has been advising the oil and gas industry for more than 20 years and has over the past five years provided board level insight leading to investments totalling $3.5 billion. The firm, with its headquarters in Glasgow and offices in Aberdeen and London, has an established team of industry professionals with global E&P, commercial and geotechnical experience.

Its advisory and intelligence services have been underpinned by a unique proprietary UKCS database, which includes over 4,000 working interests in oil and gas, over 1,500 prospects and 425 discoveries, as well as ownership and resource information for every block and field.

After 40 years in the industry with Britoil and BP and spending the past 22 years building Hannon Westwood, founder Charles Westwood will retire as a director and Chairman. The Company is indebted to Charles for his efforts over the years in building the current business and it is expected that he will continue to be involved with Hannon Westwood and the oil and gas industry in an advisory capacity. Ian Norbury will become acting CEO with immediate effect and will, alongside Directors Chris Bulley and Andrew Vinall, re-invest significant capital alongside Energy Ventures. Gavin Prise, Energy Ventures UK Operating Partner, and Rune Jensen, Energy Ventures Senior Partner, will join the new board.

Ian Norbury said: “This is an exciting and pivotal point in the company’s history and development. The investment in Hannon Westwood by a private equity group well-versed in the oil & gas sector is a sign of great confidence in the business and its growth prospects.”

Including the investment in Hannon Westwood, Energy Ventures has now committed $40m of capital over the last few months, demonstrating the firm’s position as a through-cycle investor with dry capital available for good investment opportunities. Energy Ventures is targeting more than $150m of additional investment funding in the North Sea region during the current year. The current emphasis is on investment opportunities of between $20m and $60m with compelling value proposition.


Click below to read additional media coverage of the announcement:

Aberdeen Businessweek