Deal Insight
Siccar Point Energy enters UK upstream with acquisition of 8.9% stake in Mariner from JX Nippon
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
This is Siccar Point’s first acquisition since launching in 2014, and the first big move into the UK North Sea upstream by a private equity-backed player. The Statoil-operated Mariner heavy oil field is one of the largest projects currently under development in the UK – we estimate commercial reserves of 347 mmbbl. Crude and reservoir properties are challenging, and it has already been delayed by 12 months. No consideration was disclosed. We value the deal on an NPV10 basis, but Siccar Point most likely require a higher return - achieving this (by paying less) should have been possible in a weak market for UK pre-production assets.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
-
Upsides and risks
- Upsides
- Risks
-
Strategic rationale
- Siccar Point Energy
- JX Nippon
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- Upstream assets: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
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