Wellesley focuses on exploration

The new entrant wants to find new resources in mature areas

Wellesley Petroleum, a Norwegian continental shelf (NCS) independent backed by private equity (PE) firm Blue Water Energy is one of the area's most active current explorers. Its 2018 work plan encompasses nine explorations wells, four of which it will be operator. Chris Elliott, previously deputy exploration director at Revus Energy, which was funded by PE firm 3i, as well as co-founder of Agora Oil and Gas, of which Rothschild investment fund RIT Capital Partners was a backer, is Wellesley's CEO. He recently spoke to Petroleum Economist editor-in-chief Peter Ramsay. Edited highlights follow. PR: Is it fair to say that "PE in the North Sea" is almost a misleading term, given that the differ