Israeli oil firm underlines faith in North Sea after $2bn expansion move

12/11/2019 10:22 Oil Market

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Israeli oil firm Delek has underlined its readiness to increase investment in the North Sea after completing a $2 billion (£1.6bn) acquisition in the area.

Delek bought the North Sea portfolio amassed by America’s Chevron, which has decided to focus on the shale fields of its home country.

 

The deal, which was agreed in May, forms part of a shakeup in the North Sea that is set to continue as Centrica looks to pull out of the area.

 

The Scottish Gas owner is trying to drum up interest in the North Sea-focused Spirit Energy business it decided in July to offload.

 

Reuters reported that Centrica has sent details of the Spirit portfolio to prospective buyers.

 

The portfolio includes stakes in acreage West of Shetland on which Spirit enjoyed a drilling success with Hurricane Energy in September. It also includes assets acquired by Centrica with the Aberdeen-based Venture Production business it bought for £1.3bn in 2009.

Source: heraldscotland.com

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