Ithaca Energy Ltd., a subsidiary of Delek Group Ltd., will acquire Chevron North Sea Ltd. (CNSL) for $2 billion, adding 10 producing field interests to Ithaca’s existing portfolio, four of which relate to assets operated by Ithaca.
After the transaction, Ithaca’s asset base is estimated to consist of 2P reserves of 225 million boe plus a further 45 million boe of proven and probable contingent (2C) resources associated primarily with additional near-field development and infill drilling opportunities.
Some 500 employees will transfer to Ithaca—200 of which work offshore on the operated assets.
Producing field interest to be acquired are as follows:
• Captain oil field, 85%.
• Alba oil field, 23.3%.
• Erskine gas-condensate field, 50%.
• Alder gas-condensate field, 73.68%.
• Britannia gas-condensate field, 32.38%.
• Brodger gas-condensate field, 6.25%.
• Callanish oil field, 16.5%.
• Enochdhu oil field, 50%.
• Elgin-Franklin gas-condensate fields, 3.9%.
• Jade gas-condensate field, 19.93%.
Following completion of the transaction, expected in this year’s third quarter following approval by the UK Oil and Gas Authority, Chevron will provide security and remain financially responsible for the decommissioning obligations of CNSL in respect to interests in Heather and Strathspey fields and the Cambo exploration well.
