Stavanger-based Hitec Vision has made a new acquisition in the oil industry, writes the Norwegian business daily Dagens Næringsliv.

Hitec Vision paid NOK 3.3 billion (EUR 340 million) for the British-based oil company Cieco.

With its latest transaction, the Stavanger-based PE fund spent NOK 40 billion (EUR 4.2 billion) on acquisitions in Norway and the UK since the oil prices began to drop in mid 2014.

However, Hitec plans to be big spenders. According to Dagens Næringsliv, Hitec Vision plans to invest NOK 80 billion (EUR 8.3 billion) in the next four years, and in doing so, its total investments since 2014 amount to NOK 120 billion (EUR 12.5 billion).

The new acquisition of Cieco will report to Hitec Vision's UK-based Verus Petroleum which will reach a production of 18,000 barrels per day.

Further, Hitec Vision owns two companies with production on the Norwegian shelf; Vår Energi and Cape Omega. Vår Energy was founded when the fund recently merged its oil business, Point Resources, with the Italian-based utility Enis' Norwegian operations.

According to Dagens Næringsliv, Vår Energi has become an important player in Norway with a production of about 180,000 barrels per day.

English Edit: Lisa Castey Hall Nielsen