Ithaca Energy acquires Chevron’s North Sea assets for $2bn. Credit: Ithaca Energy Limited.

UK-based oil and gas operator Ithaca Energy has announced the completion of acquisition of Chevron North Sea Limited (CNSL) for $2bn.

The acquisition deal was initially announced in May 2019. The transaction was effective from 1 January 2019.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The deal has added ten producing field interests to Ithaca’s existing portfolio, which amounts to an approximate 300% increase in the company’s forecast 2019 production and a 150% increase in its proven and probable (2P) reserves.

Ithaca Energy is a wholly owned subsidiary of Delek Group, who first announced its bid to acquire Chevron’s North Sea assets in April 2019.

Delek Group CEO Asi Bartfeld said: “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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Ithaca paid $200m deposit at deal signing while conventional working capital payable at acquisition completion was around $1.5bn.

Ithaca Energy CEO Les Thomas said: “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.”