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Lloyds List: Ex-Shell head raises $1bn equity for Delta

Published: Mar 27, 2007

Royal Dutch Shell’s former upstream chief executive Walter van de Vijver has raised $1bn of private equity funds for his new company Delta Hydrocarbons, writes Martyn Wingrove .

The Dutch executive has finally found a way to return to the industry after being forced to quit Shell three years ago, with chairman Sir Philip Watts, because of the reserves slashing scandal.

Mr van de Vijver has teamed up with Maarten Scholten, former head of mergers and acquisitions at service contractor Schlumberger, to provide management services for mature oil fields.

London-listed private equity bank 3i has committed $250m into Delta Hydrocarbons. Other investors include SHV Holdings subsidiary Dyas and Upstream Capital Partners, an affiliate of Mercuria Energy.

Delta is set up to work with national oil companies to help enhance their production from mature oil and gas fields.

The Dutch firm would supply the capital, project engineering and management to execute production enhancement projects.

Delta has formed an alliance with Schlumberger to provide the well and production technologies needed to improve output on maturing fields.

With the majority of the world’s conventional oil resources held by national oil companies in the Middle East, Asia and Latin America, there could be plenty of opportunities as many of these NOCs do not have the technology to recover more of the reserves in their fields.

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1 Comment on “Lloyds List: Ex-Shell head raises $1bn equity for Delta”

  1. #1 Angry Investor
    on Mar 28th, 2007 at 07:52

    Is there going to be no prosecution of these people, including Van de Veer and Watts for their securities fraud?

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