Petrofac has extended its long-running partnership with Ithaca Energy, winning a two-year, $50 million contract renewal to provide integrated services across the operator’s UK North Sea portfolio.
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.
Ithaca Energy completed a 754 million pound ($993 million) deal to buy nearly all of Eni’s UK oil and gas producing assets, it said on Thursday, an all-share transaction to create one of the biggest independent energy companies in the North Sea.
The North Sea oil and gas firm has reported a fall in profits and revenue for the six months to June 30, hit by impairment charges, lower production and a slump in oil and gas prices.
Eni SPA is combining its upstream oil and gas business in the United Kingdom with Ithaca Energy PLC, in a transaction expected to potentially give the Italian energy major a leading position in the UK continental shelf (UKCS).
However, the deal excludes Eni’s East Irish Sea assets and carbon capture and storage activities.
Ithaca Energy has been given a four-week exclusivity period by Italy’s Eni to make an offer for UK exploration and production assets that could expand its output massively, the London-listed company said on Wednesday.