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Exclusive: Siccar Point buying OMV’s UK assets for undisclosed sum

North Sea news
North Sea news

UK oil & gas independent Siccar Point Energy is buying the UK assets of Austrian company OMV for an undisclosed sum, it was today confirmed.

The independent is backed by funds managed by private equity players Blue Water Energy and Blackstone Energy Partners.

This deal follows weeks of unsubstantiated rumours that the company was to purchase package of assets from Shell.

The OMV UK portfolio is concentrated in the West of Shetland sector of the UK Continental Shelf and comprises current production, future developments and exploration acreage.
Key assets include:

A 11.8 % interest in the Schiehallion oilfield, which is currently part of the wider Quad 204 redevelopment led by operator BP.

A 20.0% interest in the Rosebank field operated by Chevron and which OMV had hoped to see developed but which is apparently currently stalled due at least in part to the oil price crisis.

Two further West of Shetland notables in the package are Cambo and Black Rock … one partially explored, the other yet to drill.

Other assets being bought off OMV include a 5.6% interest in the producing Jade field, operated by BG International, which company has been taken over by Shell.

Closing of the deal is subject to conditions, including regulatory approvals.

Siccar Point previously acquired an 8.9% interest in the Greater Mariner Area, including the Mariner oil field, in August this year.

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