UK: Siccar Point enters Statoil’s Mariner field in North Sea
- Business & Finance
Siccar Point Energy, a joint venture owned by Blue Water Energy and funds managed by Blackstone Energy Partners, has bought an 8.9% interest in the Greater Mariner Area, in the UK North Sea, from JX Nippon Exploration and Production.
This acquisition is the first since Siccar Point Energy was launched in August 2014 following its initial funding by Blue Water Energy and Blackstone.
The Mariner Field, the centerpiece of the Greater Mariner Area, is located in the United Kingdom sector of the North Sea, on the East Shetland platform, and is one of the largest remaining oil fields in the UK sector.
The Mariner development is well underway following project sanction in 2013 and is expected to start production in 2018. Statoil (U.K.) is the operator and majority owner, and Siccar Point Energy will be joining existing partners, JX Nippon Exploration and Production (U.K.) and Dyas Mariner. As a result of this transaction, the working interest of JX Nippon Exploration and Production in the Greater Mariner Area is 20%.
Jonathan Roger, CEO of Siccar Point Energy, commented: “We believe that this is a great time to build a business in the North Sea for a well capitalized and experienced team.”
Roger also added: “Mariner’s long reserves life and its resilience to near-term low oil prices position it well in the current environment and we continue to look for similar high-quality assets to add to our asset portfolio.”
Mustafa Siddiqui, Managing Director at Blackstone, said: “This is a world-class asset with a best-in-class operator and running room for further investment, and provides a strong platform for further acquisitions in the consolidating North Sea region.”
Graeme Sword, Partner of Blue Water Energy, said: “We believe this is a validation that there are still attractive investments to be made in the UK North Sea and we will continue to support Siccar Point as they build their footprint with further acquisitions.”
Siccar Point also announced the appointment of Chris Finlayson as Chairman. Finlayson was, until 2014, the chief executive of BG Group plc.