| GIC, the Singapore sovereign wealth fund, is investing in Siccar Point Energy, a new North Sea-focused oil company based in Aberdeen, Scotland. Private equity funds Blue Water Energy and Blackstone Energy Partners are leading the investment of up to US$500 million (S$624 million). Siccar Point plans to participate across the full value chain, from exploration through to production. For a start, it will focus on opportunities in the UK Continental Shelf.
Chief Executive Officer Jonathan Roger said: "This is a great time to build a business in the North Sea for a well-capitalised and experienced team with a focused strategy. It is a period during which some of the largest upstream companies are cutting back on capital expenditures and consolidating their global asset portfolios. We believe that selective capital deployment and efficient operations can deliver attractive returns in this environment"...............................................Full Article: Source
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