Ithaca-Eni upstream oil & gas combination gives birth to UK’s ‘largest resource holder’ in North Sea

Italy’s energy giant Eni has fused its upstream assets in the UK, excluding East Irish Sea ones and carbon capture, utilization, and storage (CCUS) activities, with Delek’s Ithaca Energy, a North Sea oil and gas operator and producer. The combination enables the duo to expand their footprint on the UK Continental Shelf (UKCS), setting up the UK’s second-largest oil and gas independent operator with the potential to eclipse Harbour Energy as the top producer on the UKCS.Eni confirmed an official agreement for the business combination with Ithaca almost a month after the pair entered into an exclusivity agreement regarding the potential upstream merger. The two players were expected to combine the Italian oil major’s UK upstream business with the existing Ithaca business, enabling the enlarged entity to contain stakes in six of the...Read the full article here