JX Nippon Exploration and Production UK (JXNEPUK) has divested 8.9% interest in the Greater Mariner Area to Siccar Point Energy for undisclosed amount.
The Mariner field, which forms the centerpiece of the Greater Mariner Area, is located in the UK sector of the North Sea on the East Shetland platform.
The sale is part of the company’s upstream portfolio revision and optimization of the investment level in order to improve financial performance.
With the completion of the divestment, JXNEPUK will own 20% stake in the Greater Mariner Area, which was discovered in 1981.
The field development work, which was approved by the UK government in 2013, is currently underway with oil production scheduled to commence in 2018.
Siccar Point Energy CEO Jonathan Roger said: "We believe that this is a great time to build a business in the North Sea for a well capitalized and experienced team.
“Mariner’s long reserves life and its resilience to near-term low oil prices position it well in the current environment and we continue to look for similar high-quality assets to add to our asset portfolio.”
Statoil UK is the operator and majority owner of the Mariner oil field. Siccar Point Energy will join existing partners JXNEPUK and Dyas Mariner.
Blue Water Energy partner Graeme Sword said: "We are delighted that we can participate in high quality fields, with top quality partners in the UK North Sea.
“We believe this is a validation that there are still attractive investments to be made in the UK North Sea and we will continue to support Siccar Point as they build their footprint with further acquisitions."
Siccar Point Energy is a joint venture between Blue Water Energy and funds managed by Blackstone Energy Partners.