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Elaine Reynolds
14 May 2019

Blackrock hits oil West of Shetland

Siccar Point Energy has announced that the Blackrock exploration well, 204/5b-2,  has encountered oil in a number of thin sandstones, though it has not been declared commercial. The prospect sits on the Corona Ridge between the Cambo and Rosebank fields and was targeting 200mmbbls in the Paleocene Flett reservoir, which rests on the volcanics of the Colsay Member. Gas was also encountered in the overlying Hildasay member. The well was the first to test the additional potential of Siccar’s acreage around its Cambo field, which it estimates could be up to 1.5bnbbls.

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Elaine Reynolds
20 June 2017

South east basin most popular in latest Mexico round

Following on from our recent Offshore Mexico ‘Exploration Watch’ (Click here for report), bidding in Round 2.1 was concentrated on the south east basins and saw the first entry to the basin of supermajor Shell as well as UK independent Cairn Energy. Ten of the fifteen shallow water blocks on offer were awarded, with nine of these located in the Sureste Basin. Only one block, Block 2, was awarded (to Dea Deutsche and Pemex) in the five blocks on offer in the Tampico-Misantla and Veracruz basins.

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Ian McLelland
1 February 2017

Shell/Chrysaor deal… raising the private equity stakes

PE continues to build its influence in the UK North Sea

While details on the Chrysaor/Shell deal are pretty thin on the ground, it clearly represents another material transaction for private-equity investors in the North Sea. Previous press reports were that Chrysaor was in competition with Ineos and fellow PE-backed Siccar Point to acquire the portfolio of assets that were put up for sale in late September 2016 as part of Shell’s $30bn divestment programme following the BG acquisition. As recently as October 2016, the for sale package was reported in the press to be valued at around $2.2bn so the $3.0bn that Chrysaor is paying (that could increase to $3.8bn) reflects a bullish view of the sector, albeit the asset package may have changed during negotiations and oil is $7-8bbl than at that time. In terms of materiality, the Chrysaor deal easily trumps Siccar Point’s acquisition of OMV UK announced in November 2016 for up to $1bn, further increasing the exposure of PE to the UK North Sea.

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