Ithaca Energy acquires JAPEX UK E&P for $193m, increasing stake in Seagull oilfield.

From Yahoo Finance: 2025-03-26 07:50:00

Ithaca Energy has agreed to acquire JAPEX UK (JUK) E&P for $193m, increasing its stake in the Seagull oilfield to 50% in the UK North Sea. The deal will add 7 million barrels of oil equivalent reserves and boost production by 4,000-4,500 barrels per day in 2025. The acquisition aligns with Ithaca Energy’s strategy of enhancing its UK Continental Shelf market presence. The Seagull field, operated by bp, is estimated to hold over 300mboe reserves and is expected to remain operational until the mid-2030s. Production at Seagull commenced in November 2023, with future wells planned for operation.



Read more at Yahoo Finance: Ithaca Energy to acquire JAPEX UK E&P from Japan Petroleum Exploration