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Ithaca Energy acquires Eni’s North Sea assets

UK-based Ithaca Energy has reached an agreement with Italy's Eni to purchase the majority of its North Sea assets, strengthening its position in the region.

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Acquisition Ithaca Eni Mer du Nord

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UK-based Ithaca Energy has completed an all-share deal to acquire virtually all ofEni ‘s North Sea exploration and production assets for £754 million (€874 million). The agreement stipulates that the Italian hydrocarbon company will contribute its UK business in exchange for new shares issued by Ithaca, which, on completion of the transaction, will see Eni hold 38.5% of Ithaca’s enlarged share capital.

Strategic vision and future development

Ithaca claimed in March that the takeover would make it “one of the very first independent operators in the North Sea”, boosting its growth and creating “a long-term partnership” with Eni. The business combination will become effective on June 30, and the transaction is expected to be finalized in the third quarter, according to details provided by Eni in a separate press release.

Eni’s production and growth projections

Eni said the combination would create “an enlarged and stronger combined group with production in excess of 100,000 barrels of oil equivalent per day in 2024”, which could rise to 150,000 by the early 2030s. Last June, Eni had already strengthened its presence by acquiring Neptune Energy for $4.9 billion, part of which will be integrated into the future entity. “The combination will enable Eni to continue its successful growth on the British continental shelf,” stressed the Italian group.

Ithaca Energy’s acquisition of Eni’s assets significantly strengthens its position in the North Sea and marks a strategic step towards sustainable expansion and increased collaboration with Eni.

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