Aberdeen-based Siccar Point Energy said it will acquire the North Sea assets of Austria’s OMV AG for up to $1 billion.

Siccar Point said the purchase of OMV (U.K.) would transform the Aberdeen company “into a full-cycle oil and gas company with a substantial and high-quality UK North Sea portfolio.”

Siccar Point is backed by funds managed by Blue Water Energy and Blackstone Energy Partners.

OMV’s North Sea asset portfolio, concentrated in the West of Shetlands region of the UK Continental Shelf, comprises current production, future developments and exploration acreage.

Key assets include an 11.8 % interest in the Schiehallion oil field and a 20% interest in the Rosebank field.

Other assets include a 5.6% interest in the producing Jade field and several West of Shetland discoveries that would be operated by Siccar Point.

Siccar Point acquired an 8.9% interest in the Greater Mariner Area, including the Mariner oil field, in August 2016.

Siccar Point CEO Jonathan Roger said: “We identified OMV UK as a strategic fit for Siccar Point given the scale, diversity, and quality of its asset portfolio.

“This acquisition turns Siccar Point into a full-cycle oil & gas company with a substantial and high-quality UK North Sea portfolio.

“We are very excited about this next stage in the company’s growth.”

Mustafa Siddiqui of Blackstone said: “We are delighted to support Siccar Point in acquiring OMV UK.

“The combination of low-cost production in the near term from Schiehallion and long-term growth from the development of its other assets is very attractive, especially in the hands of a very capable management team with strong capital backing.”

Graeme Sword of Blue Water Energy said: “The combination of OMV UK with Mariner provides Siccar Point with interests in several of the UK’s largest oil & gas fields, with decades of future production.

“This deal epitomises the vision we all had for Siccar Point back in 2014, and we look forward to continuing our support of the company as it builds on this important step.”