Ithaca Energy Combines with Eni's North Sea Business
10.03.2024 By Tank Terminals - NEWS

October 03, 2024 [Reuters]- Ithaca Energy completed a 754 million pound ($993 million) deal to buy nearly all of Eni’s UK oil and gas producing assets, it said on Thursday, an all-share transaction to create one of the biggest independent energy companies in the North Sea.

 

Under the deal announced in April, Italy’s Eni got a stake of around 38.7% in North Sea-focused Ithaca Energy and has appointed Eni UK former Managing Director, Luciano Vasques, as the CEO of the combined group.

The move is part of Eni’s so-called ‘satellite’ strategy through which it has been spinning off businesses focused on specific geographical areas in order to attract investors interested in those regions.

Under the same strategy, Eni has created Azule Energy, a joint venture with BP focused on Angola, and Norway oil and gas company Vaar Energi with a private equity firm.

Ithaca is buying all of Eni’s oil and gas producing assets in Britain, excluding its East Irish Sea assets and its carbon capture and storage (CCUS) activities.

Tel Aviv-listed Delek Group which until recently owned an 82.70% stake in Ithaca according to LSEG data, now holds 50.7% with the completion of the deal.

Eni is “a fully committed, long-term and supportive shareholder of Ithaca”, it said in a statement.

TankTerminals.com is a market research platform with operational, infrastructural and contact details of more than +9,105 tank terminals and +5,000 production facilities worldwide.


Access data. Decide better. See how.

A total of 35 Eni tank terminals and production facilities are listed in TankTerminals.com: Tank Terminals: 14. Petroleum Refineries: 5. Renewable Fuel Plants: 5. Chemical Sites: 4. Hydrogen Plants: 3. LNG Liquefaction Plants: 3. Vegetable Oil Plants: 1. Olefin Plants: 1. Other sites: 1

We list here 5 Eni terminals and production facilities with a direct link to access their data.

First Oil at Shell Brasil FPSO
11.05.2024 - NEWS
November 05, 2024 [Tank Storage Magazine]- Shell Brasil has announced the start of production of ... Read More
Maersk Enters Long-Term Green Methanol Agreement with LONGi to Lower Fleet Emissions
11.05.2024 - NEWS
November 05, 2024 [Chemanalyst]- Maersk has secured a long-term bio-methanol offtake agreement wi... Read More
JERA Finalises Major Australian Acquisition of 15.1% Participating Interest in Woodside Energy’s Scarborough Gas Field Project
11.05.2024 - NEWS
November 05, 2024 [Jera]- JERA Co., Inc. (JERA), a global energy company and Japan’s largest pr... Read More
INEOS Announces Closure of INEOS ABS Facility
11.05.2024 - NEWS
November 05, 2024 [INEOS Styrolution]- INEOS has today announced its decision to permanently clos... Read More