UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
Ithaca Energy to acquire Chevron North Sea
Ithaca Energy is to acquire Chevron North Sea (CNSL) for $2bn. The deal will add a further 10 producing field interests to the company’s existing portfolio, four of which relate to assets already operated by Ithaca, resulting in a 150% increase in proven and probable (2P) reserves and a 300% increase in forecast 2019 production.
The field interests being acquired are Captain (85%), Alba (23.37%), Erskine (50%), Alder (73.68%), Britannia (32.38%), Brodger (6.25%), Callanish (16.5%), Enochdhu (50%), Elgin/Franklin (3.9%) and Jade (19.93%).
The acquisition will establish Ithaca, a wholly-owned subsidiary of Israel’s Delek Group, as the second largest independent oil and gas producer in the UK North Sea.
The deal does not include Chevron’s 19% ‘non-operated interest’ in the Clair field, west of Shetland, or its UK Global Technology Centre.
The announcement comes hot on the heels of ConocoPhillips selling its North Sea assets to Chrysaor for $2.675bn earlier this year.
News Item details
Journal title: Petroleum Review
Countries: UK -
Subjects: Economics, business and commerce, Exploration and production, Business management
