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Private equity’s upstream journey

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John Geraghty

Partner

London

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Banks Peter
Peter Banks

Partner

London

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Bacon Oliver
Oliver Bacon

Counsel

London

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22 April 2020

Private equity interest in the E&P industry soared in the wake of the 2014 oil price crash. However, renewed appetite for upstream assets was not only predicted on exploiting commodity cycles.

Private equity spotted an opportunity when patchy performance and escalating ESG concerns meant publicly listed investors turned their back on mature basins. While it was hype around the shale revolution that first attracted attention, an alternative strategy quickly emerged.

In this report, we follow private equity's upstream journey and consider whether this latest round of E&P investment will ultimately deliver on its promise.