Israeli firm Delek Group said that its Aberdeen-based subsidiary, Ithaca Energy, had completed the acquisition of Chevron’s UK North Sea business.
The £1.6 billion deal, first announced in May, hands Ithaca stakes in 10 producing fields and boosts its production by about 300% to 80,000 barrels of #oil per day.
Ithaca said the transaction — payed for using bank loans and a debt finance offering — established it as the second-largest independent oil and gas producer in the UK NorthSea.
It takes over as operator of four of the 10 fields –Alba, Alder, Captain and Erskine.
California-headquartered Chevron retained its non-operated 19.4% stake in the giant Clair field, west of Shetland.
Les Thomas, Ithaca’s chief executive, said about 500 Chevron employees, including 200 offshore, would transfer to Ithaca, with no redundancies expected.