Acquisitions & Divestitures

Chevron’s $2 Billion North Sea Sale To Delek Now Official

While the deal is set to establish Delek’s Ithaca subsidiary as the second largest independent oil and gas producer in the U.K. North Sea, it also marks the second major to pull out of the region.

Emily

Patsy

Hart Energy

Thu, 05/30/2019 - 08:35 AM

Chevron’s $2 Billion North Sea Sale To Delek Now Official

Chevron’s North Sea subsidiary includes operations in four producing fields including Alba, Alder, Captain (pictured) and Erskine. (Source: Chevron Corp.)

Israel’s Delek Group Ltd. succeeded on May 30 in its pursuit to buy Chevron’s oil and gas fields in the British North Sea with a $2 billion deal for the assets.

Ithaca Energy Ltd., an affiliate of Delek, said May 30 that it had reached an agreement with Chevron Corp. to acquire Chevron North Sea Ltd., which operates the U.S. oil major’s portfolio in the U.K. North Sea. The company had previously been reported to have made an offer for the assets roughly a month ago.

While the deal is set to establish Ithaca as the second largest independent oil and gas producer in the U.K. North Sea, it also marks the second major company to pull out of the region.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.

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