Former Centrica Energy Upstream managing director Jonathan Roger is to lead a new North Sea oil and gas exploration company backed by Blue Water Energy and Blackstone Energy Partners.
Blue Water Energy and Blackstone Energy Partners have agreed an up to $500 million investment in the new company, called Siccar Point Energy, including funding provided by GIC.
Siccar Point Energy will initially focus on UK Continental Shelf (UKCS) opportunities, led by Roger.
Roger led Centrica energy Upstream from 2010, following the firm's acquisition of Venture Production. Before that, he was CEO at Venture, which at the time was producing 500,000boe/d.
Roger has been working in close collaboration with Blue Water Energy since he left Centrica last year to formulate Siccar Point’s business plan, and was joined by Blackstone in early 2014.
GIC is investing alongside Blue Water Energy. At Siccar Point, Roger will be joined by Iain Bartholomew as subsurface director, Doug Fleming as finance director and David Sheach as general counsel.
The Siccar Point senior management team has worked together over the last decade through tenures at Venture Production and Centrica Energy Upstream.
Roger said: "This is a great time to build a business in the North Sea for a well capitalized and experienced team with a focused strategy. It is a period during which some of the largest upstream companies are cutting back on capital expenditures and consolidating their global asset portfolios. We believe that selective capital deployment and efficient operations can deliver attractive returns in this environment. I am delighted to have such strong and experienced investors supporting our business."