Hitecvision owned Verus Petroleum has signed a Sale & Purchase Agreement (SPA) for the acquisition of Cieco Exploration & Production (UK) Limited, a wholly owned subsidiary of ITOCHU Corporation. The purchase consideration is NOK 3.3bn. Since oil prices fell in 2014, Hitecvision has invested a total of NOK 40bn in oil companies. Over the next four years, the plan is to invest more than NOK 80bn so that total investments will be over NOK 120bn for the three oil companies in Hitecvision's portfolio.
