Ithaca seals deal for Chevron's UK assets

Delek Energy subsidiary Ithaca Energy agreed last week to buy most of Chevron’s remaining UK North Sea assets in a $2 billion deal.

Assuming the deal completes as planned in September, UK-based Ithaca will acquire stakes in 10 producing North Sea fields, including the operated Captain, Alba, Erskine and Alder assets.

Also included are interests in the Britannia, Brodgar, Callanish, Enochdhu and Jade fields — all currently operated by ConocoPhillips but in the process of being sold to private equity-backed Chrysaor — as well as the Total-operated Elgin-Franklin development.