Chrysaor, HitecVision, RockRose, and Equinor Bid on Siccar Point Assets

Updated 1 year 4 months ago

Reuters reported on November 22nd that the first round bidding on Siccar Point ended on November 7th with Chrysaor, HitecVision, RockRose Energy, and Equinor participating. The company was offered both as a whole and as five separate asset packages. HitecVision bid for particular packages while Equinor placed a bid for the whole company in partnership with Suncor Energy. Chrysaor's bid was reported as just under $2 billion while RockRose offered around $1.2 billion for the company.

Documents seen by Reuters showed just under 600 million bbl of oil equivalent in reserves with more oil than gas. Siccar Point projects output of 80,000 boed by 2027 from over 10,000 boed currently. The portfolio includes 1.4 billion boe in undrelled assets in the West of Shetland area. Final bids were received in January according to Bloomberg.

Reuters reported in January 2020 that Chrysaor's $1.6 billion offer was the only bid to acquired the entire company. This bid was rejected.