Siccar Point Energy, a joint venture owned by Blue Water Energy and funds managed by Blackstone Energy Partners, has acquired 8.9% interest in the Greater Mariner Area from JX Nippon E&P UK.
The Mariner Field, the centerpiece of the Greater Mariner Area, is located in the UK 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 commence production in 2018.
Statoil is the operator and majority owner, and Siccar Point Energy will be joining existing partners, JX Nippon and Dyas Mariner.
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. We are delighted to be joining the Mariner development partnership and look forward to working with the existing highly focused partners and leading operator. 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.”
Illustration of Mariner, from Statoil.
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