Ithaca Closes Takeover of Chevron's UK Assets

Ithaca Energy, a North Sea-focused subsidiary of Israel’s Delek Group, announced on November 11 it had closed the takeover of Chevron’s UK offshore assets.

The $2n deal, first reported in May, provides Ithaca with stakes in 10 producing fields, netting it an output of 80,000 barrels of oil equivalent/day this year, of which 60% is liquids and the rest gas. It will take over as operator at four the fields – Alba, Alder, Captain and Erskine.

Ithaca’s CEO Les Thomas described the takeover as a major milestone in the company’s development.

“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,” he said in a statement.

Delek reported in a separate filing that Ithaca had signed agreements with BP on the distribution and marketing of gas and oil from the acquired assets over a five-year period.