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Verus Petroleum acquires UK North Sea assets from ITOCHU

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11 October 2018

Verus Petroleum acquires UK North Sea assets from ITOCHU

Report summary

Verus Petroleum has announced that it is to acquire CIECO Exploration & Production (UK) Limited, a wholly owned subsidiary of ITOCHU Corporation for a consideration of US$400 million. The acquired assets include a 23.1% interest in the Western Isles Project, a 25.8% interest in the Hudson field, a 2.0% interest in the Brent Pipeline System, and a 1.2% interest in the Sullom Voe oil terminal. We believe that the consideration paid is fair. From a company perspective, the deal makes sense for both buyer and seller. For Verus Petroleum, it takes them close to their near-term production growth target of 20,000 boe/d and delivers a cash flow base for future growth. For ITOCHU, it sells off its assets in a region that is no longer core.

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 7 images and tables including:

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

What's included

This report contains:

  • Document

    Verus Petroleum acquires UK North Sea assets from ITOCHU

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