Eni, the energy company, announced the integration of its UK upstream assets with Ithaca Energy plc.
Eni UK acquired 38.7% of Ithaca’s increased share capital, excluding East Irish Sea assets and carbon capture, utilization, and storage (CCUS) activities.
This transaction unites two complementary portfolios and strengthens Eni’s position in the UK’s upstream industry.
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The action is consistent with Eni’s satellite model, which strives to establish effective, specialised businesses that produce value through financial and operational synergies.
Eni has implemented this concept in past agreements, such as establishing Vår Energi in Norway and Azule Energy in Angola.
The company’s strategy attempts to navigate the shifting energy industry while driving growth.
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Eni’s dedication to Ithaca highlights the company’s emphasis on enduring collaborations, since Ithaca currently holds the greatest share of resources in the UK North Sea.
Thanks to its diverse production and development prospects, Ithaca is well-positioned to contribute to the UK’s decarbonisation objectives and maintain energy security.
Prioritising strategic investments will help the merged company fully utilise its growth prospects and optimise sustained shareholder value.