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Delek makes offer for Chevron's North Sea oil and gas fields

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Oilfield Technology,

As reported by Reuters, Delek Group yesterday confirmed it has submitted a proposal through its Ithaca unit to buy Chevron’s oil and gas fields in the British North Sea.

Delek, in a regulatory filing in Tel Aviv, said it was in discussions to buy Chevron’s gas fields as part of its strategy to expand its international operations but did not provide financial details. It said the discussions centred on Chevron’s natural gas and oil fields in the North Sea — Alba, Alder and Britannia, as well as a number of satellites.

Delek said it believed that if a deal is reached, it could be completed this year and would be financed through bank loans and its own resources.

The acquisition would mark another step for Delek toward its expected public listing, sources said. The company earlier this month acquired Shell’s 22.45% stake in the Caesar-Tonga field in the US Gulf of Mexico for US$965 million.

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