Deal Insight
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:
Other reports you may be interested in
Insight
North Sea upstream: 2021 in review
Our recap of the North Sea’s key upstream events, themes and statistics of 2021.
$1,350
Insight
North Sea upstream: 2022 in review
Our recap of the North Sea’s key upstream events, themes and statistics of 2022.
$1,350
Asset Report
Auk Area
The Auk Area is located in the Central North Sea and consists of the Auk and Auk North fields. Auk is one of the oldest producing ...
$3,100