Name: Private equity backed Siccar Point pays up to US$1 bn as OMV exits UK
Brand: Wood Mackenzie
SKU: 54530
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Deal Insight 15 November 2016

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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This is the UK's largest upstream deal since 2012, and one of the biggest PE-backed deals seen outside North America since the oil price crash. The deal includes three commercial fields and eleven sub-commercial fields. The flagship asset is Schiehallion (West of Shetland), which is due back onstream in 2017 after a major re-development project. We value the commercial assets lower than the consideration, on a standalone basis. But tax synergies would boost the value of the assets in Siccar Point’s portfolio. Upsides exist in the sub-commercial reserve portfolio (indicatively worth c.US$0.6 billion) and exploration acreage. Siccar Point now has a stake in three of the four largest UK fields by remaining reserves. With production as well as substantial volumes onstream in the near term, Siccar Point becomes a full cycle E&P business. The deal allows OMV to move away from the high risk associated with the West of Shetland, to focus on low-risk discovered resource opportunities.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Executive summary
    </li>

<li class="list__item-toggle font-semibold">
        Transaction details
    </li>

<li class="list__item-toggle">
        <a href="#be3a445c-f976-4f84-beac-49e95e0486a4" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="be3a445c-f976-4f84-beac-49e95e0486a4" aria-expanded="false">
            Upstream assets
        </a>
        <ul id="be3a445c-f976-4f84-beac-49e95e0486a4" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Schiehallion (11.75%)
    </li>
    <li class="push-quarter--bottom">
        Rosebank (20.00%)
    </li>
    <li class="push-quarter--bottom">
        Jade (5.57%)
    </li>
    <li class="push-quarter--bottom">
        Sub-commercial Reserves
    </li>
    <li class="push-quarter--bottom">
        Exploration acreage
    </li>

</ul>
    </li>

<li class="list__item-toggle font-semibold">
        Deal analysis
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            Upsides and risks
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        <ul id="b76b6be2-ba54-480c-937c-ac4230f6901e" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Upside
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        Risks
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        <a href="#65a35ac4-e870-4b6e-b7bc-645288a88b40" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="65a35ac4-e870-4b6e-b7bc-645288a88b40" aria-expanded="false">
            Strategic rationale
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        <ul id="65a35ac4-e870-4b6e-b7bc-645288a88b40" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        OMV
    </li>
    <li class="push-quarter--bottom">
        Siccar Point
    </li>

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<li class="list__item-toggle font-semibold">
        Oil & gas pricing and assumptions
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<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Executive summary: Table 1</li><li class="list__item push-quarter--bottom">Siccar Point production profile</li><li class="list__item push-quarter--bottom">Wood Mackenzie valuation and consideration paid</li>
     </ul>
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        <ul class="list list--bullets panel-toggle" id="018ac5fdd31c4d3eb973e49b0c7ae6f2">
            <li class="list__item push-quarter--bottom">Deal analysis: Table 1</li><li class="list__item push-quarter--bottom">Deal analysis: Table 2</li><li class="list__item push-quarter--bottom">Deal analysis: Table 3</li><li class="list__item push-quarter--bottom">Oil & gas pricing and assumptions: Table 1</li><li class="list__item push-quarter--bottom">Oil & gas pricing and assumptions: Table 2</li><li class="list__item push-quarter--bottom">Upstream assets: Table 1</li><li class="list__item push-quarter--bottom">OMV upstream portfolio: strategic fit of regions</li>
        </ul>
        
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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
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<p class="font-regular" >Private equity backed Siccar Point pays up to US$1 bn as OMV exits UK</p>
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