Saudi Arabia-based asset manager SNB Capital's Dubai subsidiary has launched a Shariah-compliant $230 million fund to invest in top-tier oil & gas (O&G) fields and developments.

SNBC Capital Oil & Gas Fund I will indirectly invest in Repsol E&P, a joint venture between Spain’s energy company Repsol and US-based investment firm EIG.

Repsol E&P is an independent exploration and production (E&P) company in Spain, operating high-quality oil and gas fields and developments in OECD jurisdictions. Almost 50% of the company’s reserves and resources are in North America.

The transaction will provide an opportunity to acquire a large-scale portfolio with a production capacity of 600,000 barrels of oil equivalent per day.

Repsol will retain a majority stake in the joint venture. The holding percentage was not disclosed.

SNB Capital has $66 billion of assets under management as of December 2023.    

(Editing by Brinda Darasha;