- Due to the steep fall in oil prices, energy companies in the North Sea have been forced to sell assets to private equity-backed investors and specialized operators.
- The latest... Israel's Delek Group (OTCPK:DLKGF) says its Ithaca subsidiary has completed a deal to buy most of Chevron's (NYSE:CVX) British North Sea oil and gas fields for $2B, which it plans to spin off via a London listing.
- The deal, backdated to Jan. 1, will quadruple Ithaca's pro-forma production to 80K barrels of oil equivalent per day and raise the company's proven reserves by 150% to 225M barrels.