Ithaca Energy, Aberdeen, has agreed to acquire Siccar Point Energy, Aberdeen, doubling Ithaca’s recoverable reserves and supporting production of at least 80,000-90,000 boe/d through the next decade, the company said in an Apr. 7 release.
Consideration includes an upfront payment of $1.1 billion and a series of contingent payments totaling a maximum of $360 million.
Assets
The addition of bp-operated Schiehallion (Siccar Point 11.75%) and Equinor-operated Mariner (Siccar Point 8.89%) fields will add immediate production and growth opportunities through future drilling, Ithaca said. The deal also includes an interest in the Central North Sea producing Jade gas field operated by Harbour Energy, where Siccar Point holds 5.57% non-operated interest and Ithaca is an existing partner with 19.93% interest.
Also included are undeveloped Cambo and Equinor-operated Rosebank (Siccar Point 20%) fields, where final investment decision on both is expected in 2023. Cambo field (Siccar Point-operated 70%) on its own is expected to deliver up to 170 MMboe during its 25-year operational life.
Subject to regulatory approvals, specifically from the North Sea Transition Authority and the Department for Business, Energy and Industrial Strategy, the deal is expected to close around end second-quarter 2022.