Siccar Point Energy Acquires Key Interest in the North Sea

Published at 10:04AM - 17/08/16

Siccar Point Energy announced it has acquired a  key interest in the North Sea Greater Mariner Area from JX Nippon Exploration and Production (U.K.) Limited.

The acquisition of a 8.9% stake in the project is the first since the joint energy venture owned by Blue Water Energy was launched in August 2014.

“We believe that this is a great time to build a business in the North Sea for a well-capitalised and experienced team. We are delighted to be joining the Mariner development partnership and look forward to working with the existing highly focussed partners and leading operator,” Jonathan Roger, CEO of Siccar Point Energy, said.

Siccar Point Energy Acquires Key Interest in the North Sea

“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,” the CEO added.

The Mariner field is the main field in the Greater Mariner Area, located in the UK sector of the North Sea, on the East Shetland platform.

The field is one of the largest remaining oil fields in the UK sector and is expected to start production in 2018.

It is operated by Statoil in a co-venture with partners Siccar Point Energy, JX Nippon Exploration and Production and Dyas Mariner Limited.

Siccar Point Energy Consolidates North Sea Assets

“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,” Blackstone Managing Director, Mustafa Siddiqui, said.

“We are delighted that we can participate in high quality fields, with top quality partners in the UK North Sea. 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,” Blue Water Energy partner, Graeme Sword, said.