By: OrePulse

Bahrain's Bapco Energies has made its first investment through an external fund, acquiring a stake in Kimmeridge Fund VII, the flagship vehicle of energy-focused asset manager Kimmeridge, the companies said.

The investment was made through BeVentures, Bapco Energies' corporate venture arm, and marks BeVentures' first fund investment since its creation. Financial terms of the deal were not disclosed, and the companies did not state the size of Kimmeridge Fund VII or the size of the stake acquired.

The move establishes a strategic partnership between Bapco Energies, Bahrain's national energy company, and Kimmeridge, under which the two firms will explore opportunities across the natural gas and liquefied natural gas value chain. The companies said they may also pursue further co-investments aligned with Bahrain's long-term energy priorities.

The investment reflects an effort by Bapco Energies to gain exposure to natural gas and LNG markets through a partnership with an international private-capital investor, in addition to the company's own energy operations in Bahrain.

Through the partnership, Bapco Energies gains access to Kimmeridge's research, technical expertise and sector specialists in natural gas and LNG, as well as the asset manager's presence in North America.

Bapco Group Chief Executive Officer Mark Thomas said engaging with leading organizations across the global energy sector is an important part of how the company strengthens its capabilities.

BeVentures Chief Executive Officer Areije Al Shakar called the investment "an important milestone for BeVentures," saying it reflects the venture arm's focus on partnering with specialized investors.

Kimmeridge co-founder and Managing Partner Dr. Neil McMahon said the partnership with Bapco Energies "marks a further step in Kimmeridge's commitment to the Middle East."

Fayçal Benjelloun, Kimmeridge's Managing Director and Head of Middle East, said the firm was "delighted to welcome Bapco Energies as an investor" and appreciated the trust placed in its team.

The announcement did not specify a timeline for any co-investments that may follow the fund commitment, or identify specific gas or LNG assets or projects the two companies might jointly pursue.

Bapco Energies is Bahrain's state-owned energy group, with operations spanning upstream, downstream and energy-transition activities. Kimmeridge is an asset manager focused on the energy sector, including natural gas and LNG assets, with a presence in North America and an office covering the Middle East.