Ithaca Energy to acquire JAPEX UK, adding interest in Seagull field
Ithaca Energy will acquire additional interest in bp plc-operated, high-pressure, high-temperature Seagull field through a $223 million-deal with Japan Petroleum Exploration Co. Ltd.
Through the signed purchase agreement, Ithaca will acquire JAPEX UK E&P Ltd. (JUK), adding to its core UK Continental Shelf portfolio and increasing its non-operated interest in Seagull oil and gas field in license P1622 Block 22/29C to 50% from 35%.
The field, in the UK Central North Sea about 230 km offshore Aberdeen, contains more than 300 MMboe in place and is developed as a subsea tie back to the bp-operated central processing facility (CPF) of the Eastern Trough Area Project (ETAP). Production started in November 2023 from the J1 well. Wells J2 and J3 are now online with J4 due onstream in second-half 2025. The field is expected to remain in production until mid-2030.
BP Exploration Operating Co. Ltd. is operator with 50% interest.
The deal is expected to add about 7 MMboe of 2P reserves and production of 4,000-4,500 boe/d in 2025 (82% liquids, 18% gas).
Subject to customary conditions, the deal is expected to close in June.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
