Israel’s Delek Pays $2bn For Chevron North Sea Assets…

Israel’s leading private oil and gas company Delek on 30 May agreed, via its wholly owned subsidiary Ithaca Energy, to pay $2bn for US major Chevron’s North Sea operations. Delek says the deal will quadruple Ithaca’s existing output to 48,000 b/d oil and 180mn cfd gas for 2019.

The deal also hikes Ithaca’s 2P reserves from 90mn to 225mn barrels of oil equivalent, with an additional 45mn boe of contingent reserves.

The transaction, effective 1 January this year, is expected to be finalized “around the end of the third quarter” pending approval by the UK’s Oil and Gas Authority, the firm says. (CONTINUED - 243 WORDS)