Siccar Point Energy sells North Sea field stake
- Business & Finance
Aberdeen-based Siccar Point Energy has entered into a sale and purchase agreement to divest its 26% equity interest across three production licenses covering the Jackdaw discovery to Dyas UK Limited.
The Jackdaw field is located in the Central North Sea area 250 km east of Aberdeen and 10 km north-east of Jade field.
Siccar Point acquired the 26% non-operated interest in the field from the takeover of OMV (U.K.) in January 2017. The field is a gas/condensate accumulation in Jurassic sandstones.
According to information on Siccar Point’s website, the field is currently being re-assessed by the operator (Shell) with a decision on forward activity expected later in 2017 and a full field development would be expected to produce well over 100 million barrels of oil equivalent.
Dyas is non‐operating partner and investor in oil & gas exploration and production assets with focus on the North Sea and Malaysia.
Siccar Point Energy CEO, Jonathan Roger, commented “As Jackdaw operator Shell has carried out some excellent work in progressing this opportunity. However, with an exciting program of exploration, appraisal and development activity in our West of Shetland portfolio we have chosen to focus our resources in this core area and monetize our Jackdaw interest.”
When it comes to Siccar Point Energy’s West of Shetland portfolio, the company last week hired Baker Hughes, a GE Company (BHGE), to support the development of the Cambo field, located North West of the Shetland Islands in the UK. Under the agreement, Siccar selected BHGE as the exclusive supplier to support the appraisal and early production phases of the project, with the ability to extend into the full field development.
Dyas CEO, Robert Baurdoux, commented on transaction with Siccar Point Energy: “Dyas aspires to invest in material upstream projects, which are managed by experienced operators. With our Catcher and Mariner developments nearing first production, Jackdaw will provide Dyas with the opportunity to join Shell in developing this exciting gas‐condensate field and bringing more UK gas into our portfolio.”
Licenses included in the agreement are P.098 (block 30/2a (pre‐ and post‐ Tertiary areas)); P.111 (30/3a Lower); and P.672 (30.2d All).
Completion of the transaction remains subject to customary regulatory and partner consents.
Offshore Energy Today Staff