Israel's Delek Group said on Nov. 10 its Ithaca subsidiary, which it plans to spin off via a London listing, completed a deal to buy most of Chevron's British North Sea oil and gas fields for $2 billion.
Recoverable resources are estimated at between 38 million and 100 million barrels of oil equivalent, adding considerably to the area’s resource base, the company said.
As oil and gas fields become depleted, energy companies are looking at how they can extend the life of operating fields, unlocking low-pressure reserves from reservoirs to maintain plateau production rates.
The company discovered oil at its Serenity prospect in the British North Sea.
The U.S. Treasury extended a licence for Serica Energy to operate the Rhum field in the North Sea which is 50% owned by Iran's national oil company, energy producer Serica said on Oct. 24.
Equinor's third-quarter profit fell by more than expected on Oct. 24 after a significant decline in the volume and price of natural gas sold to Europe, although the Norwegian firm reiterated its forecast for flat 2019 production.