Siccar Point Energy Ltd., the North Sea oil producer backed by Blackstone Group Inc., has obtained remaining bids from suitors together with Chrysaor Holdings Ltd. and Equinor ASA, folks with information of the matter mentioned.

Canada’s Suncor Energy Inc., Chinese oil main Cnooc Ltd. and an organization backed by personal fairness agency HitecVision AS additionally submitted binding provides, the folks mentioned, asking to not be recognized as a result of the knowledge is personal. Many proposals fell in need of the worth expectations of Siccar Point’s house owners, and a few events expressed curiosity solely in sure belongings, they mentioned.

Blackstone and Blue Water Energy LLP had been earlier planning to hunt about $2 billion to $three billion from a sale of Siccar Point, the folks mentioned. They at the moment are evaluating the bids and can resolve whether or not to proceed with a transaction or maintain on to the enterprise for longer, the folks mentioned.

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Siccar Point’s house owners began gauging curiosity from potential patrons final yr. The firm has grown via acquisitions together with the $1 billion buy of OMV AG’s U.Okay. unit in 2016, a deal that cemented its footprint within the British North Sea.

Representatives for Blackstone, Chrysaor, Cnooc, Equinor, HitecVision, Siccar Point and Suncor declined to remark, whereas a consultant for Blue Water didn’t instantly reply to a request for remark.

The North Sea will proceed to be an lively spot for oil and gasoline offers this yr, after $15 billion of belongings modified arms in 2019, advisor Wood Mackenzie Ltd. mentioned this month. Private-equity patrons have are available as bigger corporations together with Exxon Mobil Corp. and Chevron Corp. bought tasks to concentrate on extra worthwhile areas.

Siccar Point has stakes in six tasks together with Rosebank, one of many U.Okay.’s largest undeveloped fields. The firm’s general output is predicted at 16,000 barrels of oil equal a day this, rising to 80,000 a day by the second half of the 2020s, in response to paperwork seen by Bloomberg final yr.

The Rosebank and Schiehallion tasks are in waters west of the Shetland islands, a much less developed space the place majors nonetheless maintain a robust presence. BP Plc operates the Schiehallion discipline, whereas Equinor is operator of the Rosebank growth.

Source: www.worldoil.com

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