NORTH Sea oil firm Fairfield Energy has received a £97 million injection from private equity firm Riverstone in a move that will see former BP chief executive Lord John Browne take a seat on its board.
The money will be used to further exploit existing Fairfield assets and provide it with firepower to boost its presence in oil exploration.
The investment is the culmination of a year of talks with the house after Fairfield, a key participant in the exploitation of mature fields abandoned by the energy majors, decided not to go ahead with an initial public offering in 2010.
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