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Member News30th May 2019

Ithaca acquires Chevron North Sea assets

Ithaca Energy has confirmed it is to acquire Chevron North Sea Limited for $2 billion, adding a further ten producing field interests to its existing portfolio.

Ithaca, a subsidiary of Israel-based Delek Group, will grow its portfolio to total 18 producing field interests and is now forecast to deliver pro-forma 2019 production of approximately 80,000 boepd at an operating cost of approximately $17/boe. Approximately 500 employees will transfer to the company, of which around 200 work offshore on the operated assets.

The transaction has an effective date of 1 January 2019 and is expected to complete around the end of the third quarter of 2019, following approval by the Oil and Gas Authority. Read more…