The Italian oil and gas company Eni has completed the combination of its upstream oil and gas assets in the United Kingdom with Ithaca Energy. The £754m (€900m) merger deal, however, excludes Eni’s East Irish Sea assets and CCUS activities.
This 100% share transaction thus creates one of the largest independent energy companies operating in the North Sea. The combination was funded by issuing new ordinary shares to Eni UK, representing around 38.7% of Ithaca’s enlarged issued share capital. The company created from this combination deal will have a production greater than 100 kb/d for the year 2024, as well as the potential to boost output to 150 kb/d by the early 2030s.
In addition, Eni has secured the UK Government’s commitment and funding for the granting of an Economic License for the Liverpool Bay CO2 transport and storage project, part of the HyNet initiative. HyNet is one of the UK’s most important CCS project, with an initial storage capacity of 4.5 MtCO2/year in the first phase, and the potential to increase capacity to 10 MtCO2/year after 2030.
Source:https://www.enerdata.net