Blackstone and Blue Water Energy back North Sea oil co – Reuters

Reuters – Private equity firms Blackstone and Blue Water Energy said on Sunday they have teamed up to lead an investment of up to $500 million in Siccar Point Energy, a new North Sea-focused oil company.

Singapore sovereign fund GIC is also contributing funding, a statement released on behalf of the buyout firms said.

Siccar Point’s Chief Executive Jonathan Roger, the former managing director at Centrica unit Centrica Energy Upstream, said the timing is right for the company, as larger competitors are cutting back on spending and consolidating their global asset portfolios.

“We believe that selective capital deployment and efficient operations can deliver attractive returns in this environment,” he said in a statement.

Headquartered in Aberdeen, Scotland, Siccar Point Energy works across oil exploration, development and production. (Reporting by Clare Hutchison; Editing by Hugh Lawson)