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Sunday, 20 November 2016

North Sea oil producers chart a course for revival

North Sea oil producers chart a course for revival:
"A low-rent serviced office squeezed between a railway and a main road in Aberdeen might not sound like the typical headquarters for an oil company backed by the might of Blackstone, the US private equity group, and GIC, the Singaporean sovereign wealth fund.

The no-frills atmosphere is even more surprising when considered that the company, Siccar Point Energy, this month agreed to pay up to $1bn for the UK business of Austria’s OMV in a deal that will make it a partner of oil majors BP, Statoil and Chevron in some of the biggest remaining North Sea fields.

So lean is the 13-person organisation that Jonathan Roger, Siccar’s Scottish chief executive and a veteran North Sea operator, personally makes tea for visitors in the absence of an assistant. “We’re all about value creation,” he says."

'via Blog this'