Private equity firms are stepping in to invest in the North Sea sector as stock markets have been weak. Oil and gas producers raised ￡370mn ($588mn) on the London Stock Exchange (LSE) junior market Aim in the first seven months of this year, less than half the amount a year earlier. Aim proved resilient in 2009-10, but has since stumbled — oil and gas producers raised ￡991mn in further funds in 2011, down from ￡1.8bn in 2010. Financial ser- vices firm Ernst & Young’s index of the top 20 Aim-listed oil and gas companies fell by 20pc in value in the second quarter of this year, suggesting a period of consolidation ahead. “Those companies with weaker balance sheets and particularly those with development projects pressing may find themselves turning towards larger, better capitalised partners or acquirers,” it says.
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