Delek's Ithaca to buy Chevron's North Sea interests for $2 billion

Delek's Ithaca to buy Chevron's North Sea interests for $2 billion
A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo Copyright Mike Blake(Reuters)
By Reuters
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(Reuters) – Ithaca Energy Limited is buying Chevron’s British North Sea oil and gas field interests for $2 billion (£1.58 billion), the unit of Israel’s Delek Group said on Thursday.

Delek said last month that it had submitted a proposal through Ithaca to buy the assets and Reuters reported last month that Delek was close to clinching the deal.

The acquisition would mark another step for Delek towards its expected public listing, the sources said last month.

The transaction would add 10 producing field interests to the existing Ithaca portfolio, the company said.

DNO this month said it aims to boost production in the North Sea by making more acquisitions, while ConocoPhillips recently sold its assets in the North Sea to private equity-backed Chrysaor.

(Reporting by Justin George Varghese and Karina Dsouza in Bengaluru; editing by Patrick Graham and Jason Neely)

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