North Sea big shot Ithaca Energy has nailed a £115 million deal to seize control of a massive gas field that is supposedly crucial to the UK’s energy security in the midst of an aggressive expansion push.
Who: Ithaca Energy
What: Secured a £115 million deal to acquire majority stake in the Cygnus gas field
Where: UK Continental Shelf
When: Recent development
Why: Enhance energy security for the UK
How: By purchasing additional stake from Centrica
Ithaca has inked a deal to purchase an extra 46.25% in the Cygnus field from Centrica, the owner of Scottish Gas. The company stated that this move aligns with its strategy of acquiring top-notch assets in the core UK Continental Shelf market. With this agreement, Ithaca will hold an 85% stake in Cygnus, labeling it as “the largest UK Continental Shelf gas field and a significant contributor to the UK’s energy security.”
The deal comes as a part of Ithaca’s ongoing spree of acquisitions in the UK North Sea. Last year, the company acquired a stake in the Seagull oil field from BP in a £145 million deal, further solidifying its position as one of the major players in the region. Additionally, in April of the same year, Ithaca purchased a substantial portion of Eni’s interests in the North Sea for around £750 million, boosting its presence even further. It seems like Ithaca is on a roll with these acquisitions, making significant strides in the energy sector.
Not really sure why this matters, but environmental activists are vehemently against Ithaca’s plans to develop the Rosebank and Cambo fields West of Shetland. Perhaps it’s just me, but it seems like there’s a lot of contention surrounding these projects. However, despite the opposition, Ithaca seems determined to move forward with its development plans in the North Sea, showcasing its commitment to growth and expansion in the region.
