Eni completes combination of UK upstream operations with Ithaca Energy

The combination has been funded through the issue to Eni UK of new ordinary shares representing approximately 38.7% of the enlarged issued share capital of Ithaca.

Eni said the combination reaffirms its commitment in the UK, where it is engaged across the entire energy value chain (oil & gas upstream, renewables, CCS projects, potential future development of magnetic fusion projects).

The transaction follows previous upstream combinations that Eni has formed, including Vår Energi in Norway and Azule Energy in Angola.

Following the combination, Eni said it is set to be positioned as the largest resource holder in the UK North Sea.

Read the latest issue of the OGV Energy magazine HERE