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Ithaca Energy completes acquisition of Chevron's North Sea assets

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Oilfield Technology,

Ithaca Energy Ltd has completed the US$2 billion acquisition of Chevron North Sea Ltd (CNSL). The transaction adds ten additional producing field interests to Ithaca's existing portfolio.

Taking into account the interim period cashflows generated by CNSL since the transaction effective date of 1 January 2019, the US$200 million deposit paid at signing of the transaction and conventional working capital adjustments, the price payable at completion of the acquisition was US$1.5 billion.

Les Thomas, Ithaca Energy CEO, commented: “Completion of the CNSL acquisition marks a major milestone in the long term development of Ithaca Energy. The significantly enlarged operations provide an excellent platform from which to maximise the value of our high-quality asset portfolio and establishes the company as a leading UK North Sea oil and gas producer. We have a highly experienced organisation that is well set-up to deliver upon our investment plans and secure the future success of the business. With this exciting backdrop, we look forward to contributing to the industry’s objective of maximising economic recovery for the UK North Sea over the years to come”.

Asi Bartfeld, Delek Group CEO, commented: “With completion of the acquisition, we are delighted to have made a significant step towards our strategic objective of building the Delek Group’s position as a world class E&P business. The acquisition has established Ithaca Energy as a leading UK North Sea oil and gas company with a strong outlook and the opportunity set from which to deliver material value to the Delek Group and enhance its presence in the global energy markets.”

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