Israel’s Delek targets Chevron’s North Sea oil and gas assets

Britannia platform. Source: ConocoPhillips

Israeli Delek Group has confirmed it has made an offer to buy a package of North Sea assets owned by oil major Chevron.

Delek said on Sunday that, following international media speculation on a sales process for a package of North Sea oil and gas producing fields by Chevron, that its subsidiary Ithaca Energy had submitted a bid in relation to the Chevron sales process and was in discussions with Chevron in relation to its bid.

The bid is part of Delek’s strategy to expand its activities in the international energy markets and capture additional operational and financial synergies.

The sales process relates to Chevron’s interests in the oil and gas fields Alba, Alder, Britannia (and its satellites), Captain, Elgin/ Franklin, Erskine and Jade located in the UK North Sea.

Delek said that, to the extent that any transaction is concluded between the parties, it is anticipated that closing would follow in 2019 and would be funded inter alia through a combination of conventional non-recourse debt finance and existing resources.

“It should be noted that there can be no certainty that the submission of a bid or any subsequent discussions will lead to a binding sale and purchase agreement or transaction being concluded,” Delek emphasized.

The signing and closing of a final agreement are dependent on the reaching of agreements between the parties with respect to the terms and conditions of the final agreement, and fulfillment of the conditions precedent to the transaction as will be determined.


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