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LONDON, Aug 30 (Reuters) - North Sea oil and gas producerSiccar Point is wooing potential buyers of its assets with justunder 600 million barrels of oil equivalent (boe) of discoveredresources and a $2 billion tax incentive in Britain, a saledocument showed.
Siccar Point, headed by a former Centrica executiveand backed by private equity firm Blue Water Energy andBlackstone, sees its output reaching about 80,000 boe perday (boed) by about 2027, the sale document showed.
Consultancy WoodMackenzie has valued the portfolio at about$2 billion, but an industry source said that was too high.
Siccar Point closed the acquisition of OMV'sBritish North Sea portfolio for $870 million in 2017.
The deal included a further $125 million once a finalinvestment decision on Rosebank field is reached. Since then,Siccar point has invested more in its portfolio of assets.
Siccar Point now produces just over 10,000 boed. Beyondthis, output will mainly be boosted by the Cambo development.
Among other smaller stakes, Siccar Point holds 70% in Cambofield alongside Royal Dutch Shell, 11.8% in BP-operatedShiehallion field and 20% and 9%, respectively, inEquinor-operated Rosebank and Mariner fields.
The portfolio offers production and explorationopportunities in the West of Shetlands area, where majors likeBP, Shell and Equinor are boosting North Sea production.
Overall, however, the North Sea has seen majors exit andsmaller private-equity backed players enter over recent years.
Siccar Point would offer a potential buyer $2 billion inso-called tax losses in Britain, which would "shelter profitswith no tax payments expected until (the) late 2020s," accordingto the sale document sent to potential buyers.
Such incentives offered by the government are common amongNorth Sea producers, which suffered losses after the last oilprice crash that saw the Brent crude benchmark slump tobelow $30 a barrel in 2016. They can make aging fields moreattractive to investors.
Reuters reported in July that Siccar Point was looking forbuyers for its assets.
Investment bank Rothschild and Lambert Energy Advisory arerunning the sale process for Siccar Point, according to thedocument and sources.
Siccar Point did not immediately reply to a request forcomment.(Reporting by Shadia NasrallaEditing by Edmund Blair)
