Ithaca Energy completed the acquisition of the UK business of Eni for £754m.

Ithaca Energy, a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK assets, completed the acquisition of the UK business of Eni, an Italian energy company that engages in oil and natural gas exploration, for £754m. “This agreement represents a further example of Eni adapting to the demands of the changing energy market and in this case deploying our successful Satellite Model. It affords the opportunity to build scale, realising efficient upstream growth and maximising value under a dedicated and focused management structure supported by Eni resources and expertise. The combination with Ithaca represents an exciting opportunity for us to bring together complementary portfolios establishing a material position on the UKCS with significant growth and optimisation opportunities," Claudio Descalzi, Eni CEO.