SINGAPORE: GIC, the Singapore sovereign wealth fund,
is investing in Siccar Point Energy, a new North Sea-focused oil company
based in Aberdeen, Scotland. Private equity funds Blue Water Energy and
Blackstone Energy Partners are leading the investment of up to US$500
million (S$624 million).
Siccar Point plans to participate across the full value chain, from exploration through to production. For a start, it will focus on opportunities in the UK Continental Shelf.
Chief Executive Officer Jonathan Roger said: "This is a great time to build a business in the North Sea for a well-capitalised 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".
GIC is making the investment alongside Blue Water Energy.
Siccar Point plans to participate across the full value chain, from exploration through to production. For a start, it will focus on opportunities in the UK Continental Shelf.
Chief Executive Officer Jonathan Roger said: "This is a great time to build a business in the North Sea for a well-capitalised 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".
GIC is making the investment alongside Blue Water Energy.
- CNA/xy
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GIC + North Sea = KFELS N Class?
ReplyDeleteNew-Generation Harsh-Environment North Sea Jackup - KFELS N Class
Towering at 568 feet or about 56 storeys, the KFELS N Class rig can operate in harsh weather conditions in water depths ranging from 400-500 feet, which are 40% deeper than traditional units in benign waters, and drilling depths of 35,000 feet, 15% deeper compared to existing harsh environment jackup rigs.
The design is in full compliance with the demanding and technical challenging requirements of rigs operating in the Norwegian sector of the North Sea.
The North Sea region is one of the world's harshest operating environments for offshore exploration and production.
The design also provides customers the flexibility of having a jackup unit that can undertake drilling and production activities concurrently. This state-of-the-art jackup drilling rig has features that readily accept process modules for production activities.