British Ithaca Energy Plc has entered into an agreement with Canadian oil and gas company Suncor Energy Inc. to acquire assets in Canada. This is reported in the Ithaca press release.
The value of the transaction is $860 million for shallow-water assets offshore Newfoundland and Labrador and conditional payments of $250 million, taking into account oil prices in the future. The transaction is expected to be completed in the first half of 2027.
The assets include a 48% stake in the Terra Nova field, a 40% stake in White Rose, and a 38.6% stake in West White Rose. Financing involves the use of own funds, a credit line and attracting investors.
The deal is Ithaca's first international acquisition in line with its strategy of diversifying and increasing production, which will enable the company to become the fifth largest operator on the Canadian shelf and create a platform for further growth in North America through the acquisition of new assets. Earlier, Ithaca increased its stake in the Cygnus gas field in the North Sea to 85% as part of a deal with the oil and gas company Spirit Energy.
A number of British oil producers are expanding operations abroad to compensate for declining production, exploration restrictions and high taxes in the UK.
Suncor Energy Inc. is a Canadian energy company headquartered in Calgary, Canada. The company is engaged in the development of tar sands, the production of synthetic oil and offshore oil and gas production.
Ithaca Energy is one of the largest oil and gas companies on the British shelf in the North Sea. The headquarters is located in Aberdeen (Scotland).
Read our Telegram channel "Mergers and acquisitions. AK&M».
Our channel at MAX is "Mergers and Acquisitions. AK&M».
