By Ron Bousso
LONDON (Reuters) - Oil and gas venture Siccar Point said on Tuesday it had acquired a 8.9 percent stake in the UK North Sea Mariner field from JX Nippon (T:5020), the private equity-backed firm's first acquisition.
The deal highlights the growing role that such cash-rich ventures are playing in the ageing North Sea basin where oil and gas companies have struggled in recent years to sell assets following a sharp drop in oil prices.
Siccar Point, headed by industry veteran Jonathan Roger, a former Centrica (LON:CNA) executive, and backed by private equity firm Blue Water Energy and Blackstone (N:BX), was launched in August 2014 shortly after the start of the oil rout.
"We believe that this is a great time to build a business in the North Sea for a well-capitalised and experienced team," Roger said in a statement.
The Mariner heavy oil field in the East Shetland region of the North Sea is operated by Norway's Statoil (OL:STL) and is expected to begin production in 2018.
JX Nippon Exploration and Production (U.K.) Limited will retain a 20 percent stake in the field following the deal.
Siccar Point also announced on Tuesday the appointment of former BG Group (L:RDSa) Chief Executive Chris Finlayson as chairman.
The appetite for private equity investment in the sector fell sharply after oil prices started to slide two years ago. But recent signs of a rebound in prices, coupled with abundant assets on sale around the world, have revived their appetite.
Private equity funds such as Carlyle Group (O:CG) and CVC Partners have all set up management teams in recent years to acquire and manage oil and gas assets.