Ithaca Energy joins Eni's North Sea Business

Ithaca Energy announced on Thursday that it had completed a deal worth 754 million pounds ($993 millions) to purchase nearly all the UK oil and natural gas assets of Eni. This was a 100% share transaction, which created one of the largest independent energy companies operating in the North Sea.

Luciano Vasques was the former Eni UK Managing Director and CEO of the combined company.

This move is part Eni's'satellite strategy', through which the company has spun off businesses that are focused on certain geographical areas to attract investors.

Eni, under the same strategy has created Azule Energy a joint venture focused on Angola with BP, and Norway's oil and gas company Vaar Energi in partnership with a private equity group.

Ithaca will buy all Eni's assets, including its oil and gas production in Britain. This excludes its assets on the East Irish Sea and its carbon storage and capture (CCUS). Tel Aviv listed Delek Group, which according to LSEG had owned an 82.70 % stake in Ithaca until recently, now owns 50.7%.

Eni said that it was "a long-term, fully committed and supportive shareholder" of Ithaca. $1 = 0.7598 pounds (Reporting from Gianluca Landini and Francesca Landini, Milan; Arunima Kumar in Bengaluru. Editing by Gavin Jones & Elaine Hardcastle).

(source: Reuters)