* Venture acquires 8.9 pct stake in Mariner Field
* Deal highlights growing private equity role in region
* Appoints former BG Group boss Finlayson as chairman (Recasts, adds quotes, background)
By Ron Bousso
LONDON, Aug 16 (Reuters) - Private equity-backed oil and gasventure Siccar Point Energy announced its first North Seainvestment on Tuesday and said it planned to do more deals overthe next year as cash-rich firms step up activity after atwo-year rout in the sector.
Siccar Point, headed by Jonathan Roger, a former Centricaexecutive, and backed by private equity firm Blue Water Energyand Blackstone, acquired a 8.9 percent stake in the UKNorth Sea Mariner field from JX Nippon.
Several private equity, or PE, funds such as Carlyle Group and CVC Partners have joined forces with veteran energyexecutives in recent years to form companies seeking to snap upassets around the world amid the sharp drop in oilprices.
Siccar Point also announced on Tuesday the appointment offormer BG Group Chief Executive Chris Finlayson aschairman.
These cash-rich companies are likely to play a growing rolein the ageing North Sea basin where oil and gas companies havestruggled in recent years to sell assets.
Recent signs of a rebound in oil prices, coupled withabundant assets on sale around the world, have revived appetitefor mergers and acquisitions around the world, with companiesincluding Exxon Mobil and Norway's Statoil making major deals in recent weeks.
"Mariner provides our business with a great platform tobuild on with a 30-year producing asset particularly with theanticipated recovery in oil prices," Roger told Reuters.
MORE DEALS
Although Siccar Point, created in August 2014, has reviewednearly 100 different assets available in the North Sea, it isfocusing on fields with a long remaining production life whichit can preferably operate and control costs, Roger said.
"We're highly focused over the next 6 to 12 months to getsome other substantial investments made."
Mustafa Siddiqui, managing director at Blackstone, saidSiccar Point has an official line of equity of $500 million buthas further access to debt as well as more than $8 billionBlackstone has allocated for energy investment.
"The Mariner acquisition is just the first step in hopefullya long string of acquisitions of high quality assets," Siddiquitold Reuters.
After sellers' and buyers' price ideas for assets divergedsignificantly in 2014 and 2015, the "bid-ask spread" isnarrowing as both sides agree on the outlook for the oil price,Siddiqui said.
"Companies are starting to have a more realistic view ofassets and that tends to facilitate deals."
The Mariner heavy oil field in the East Shetland region ofthe North Sea is operated by Statoil and is expected to beginproduction in 2018. Around 80 percent of its development hasbeen completed, Roger told Reuters.
JX Nippon Exploration and Production (U.K.) Limited willretain a 20 percent stake in the field following the deal. (Editing by David Clarke and Adrian Croft)
