8,477 Active Recruiters     Over 2 Million Candidates Globally

  1. Keep me logged in
  2. forgot password

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

North Sea Producer Siccar Point Receives Multiple Buyout Offers

Published in Oil Industry News on Wednesday, 22 January 2020

Graphic for News Item: North Sea Producer Siccar Point Receives Multiple Buyout Offers

Siccar Point Energy Ltd., the North Sea oil producer backed by Blackstone Group Inc., has received final bids from suitors including Chrysaor Holdings Ltd. and Equinor ASA, people with knowledge of the matter said.

Canada’s Suncor Energy Inc., Chinese oil major Cnooc Ltd. and a company backed by private equity firm HitecVision AS also submitted binding offers, the people said, asking not to be identified because the information is private. Many proposals fell short of the price expectations of Siccar Point’s owners, and some parties expressed interest only in certain assets, they said.

Blackstone and Blue Water Energy LLP were earlier planning to seek about $2 billion to $3 billion from a sale of Siccar Point, the people said. They are now evaluating the bids and will decide whether to proceed with a transaction or hold on to the business for longer, the people said.

Siccar Point’s owners started gauging interest from potential buyers last year. The company has grown through acquisitions including the $1 billion purchase of OMV AG’s U.K. unit in 2016, a deal that cemented its footprint in the British North Sea.

Representatives for Blackstone, Chrysaor, Cnooc, Equinor, HitecVision, Siccar Point and Suncor declined to comment, while a representative for Blue Water didn’t immediately respond to a request for comment.

The North Sea will continue to be an active spot for oil and gas deals this year, after $15 billion of assets changed hands in 2019, consultant Wood Mackenzie Ltd. said this month. Private-equity buyers have come in as larger companies including Exxon Mobil Corp. and Chevron Corp. sold projects to focus on more profitable regions.

Siccar Point has stakes in six projects including Rosebank, one of the U.K.’s largest undeveloped fields. The company’s overall output is expected at 16,000 barrels of oil equivalent a day this, rising to 80,000 a day by the second half of the 2020s, according to documents seen by Bloomberg last year.

The Rosebank and Schiehallion projects are in waters west of the Shetland islands, a less developed area where majors still hold a strong presence. BP Plc operates the Schiehallion field, while Equinor is operator of the Rosebank development.

Source: www.worldoil.com

Please leave comments and feedback below


North Sea Oil and Gas News, Norwegian Oil and Gas News, Helicopters Oil and Gas, Oil and Gas News

Oil and Gas News Archive

Latest Oil & Gas News

Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com