Ithaca Energy merges with Eni UK in £750m deal, creating a producer of up to 87,000 barrels of oil per day.
Ithaca Energy is set to merge with Eni UK, the UK arm of Italian oil major Eni, in a £750m deal. The combined company will produce up to 87,000 barrels of oil per day this year, and is expected to grow production to 150,000 barrels per day by the early 2030s. Eni UK will take a 38.5% stake in the enlarged group, while the rest of the stock will be owned by Ithaca Energy shareholders.
April 23, 2024
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