A second US oil and gas major has pulled out of the North Sea after selling off its assets.
Chevron today confirmed the sale of its 10 Uk fields to Ithaca Energy for $2 billion (£1.58 billion).
The deal transfers an estimated 225 million barrels of oil equivalent to the Israeli -owned, increasing its reserves by 150%. Ithaca, which has an office in Aberdeen, also takes on 500 employees from Chevron North Sea Ltd, 200 of whom work offshore.
Last month, American giant ConocoPhillips sold its North Sea assets to Chrysaor for £2 billion.
Ithaca Energy CEO Les Thomas said: "The acquisition of CNSL is a significant step forward in the long term development of Ithaca Energy and underlines our belief in the North Sea, particular in the UK Central North Sea where the enlarged business will own a range of interests in a number of key producing assets.
“We are very pleased to be acquiring a high quality portfolio of assets and experienced operational organisation that fits well with our existing business."
Ithaca is a subsidiary of the Tel Aviv-listed energy company Delek Group. The deal is expected to be completed in the third quarter of this year following approval of the by the UK Oil and Gas Authority.
Asi Bartfeld, Delek Group CEO, added: "The acquisition is a key part of the Delek Group's strategic focus on building a world class E&P business. Acquiring CNSL accelerates implementation of that strategy and further strengthens the Group's oil and gas business. We see exciting growth opportunities in the North Sea and are looking forward to working with Ithaca to deliver upon our value and growth targets."
