Siccar Point Energy Limited (together with its subsidiaries referred to as Siccar Point Energy or the Company), a new exploration, development and production company focused on the North Sea, says that affiliates of Blue Water Energy and Blackstone Energy Partners (Blackstone) have agreed to lead an initial investment of up to $500 million in the Company, including funding provided by Singapore's sovereign fund GIC.
Siccar Point Energy will participate across the full value chain from exploration through to production. The Company will initially focus on UK Continental Shelf (UKCS) opportunities where a change of control will facilitate follow-on investment activity that will further enhance asset potential. The team has expertise in managing large, complex assets in the UKCS whilst adopting innovative technologies and strategies to unlock the maximum commercial hydrocarbon potential. The Company will also have a strong North Sea exploration focus that targets the best returns taking account of both technical and fiscal factors.