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Ithaca has agreed to acquire Marubeni’s North Sea assets for $ 1 billion, according to a press report.

The oil and gas company said it “does not comment on market speculation” when contacted about the Reuters news agency report.

It was revealed in January that Tokyo-based Marubeni was looking to sell its 41.03% stake in the Montrose area in the North Sea operated by Repsol Sinopec Resources UK.

Montrose is a production hub for several fields, including its namesake, Arbroath, Arkwright, Brechin, Cayley, Godwin and Shaw.

Reuters cited anonymous sources in its report.

In January, Bloomberg announced that Marubeni was working with Jefferies Financial Group on the sale of Montrose’s stake.

A divestiture would follow the withdrawal of other Japanese firms from the basin such as Idemitsu Kosan and Itochu Corp.

He also joins JX Nippon, which is reportedly seeking $ 1.5 billion for its stakes in the Mariner and Culzean fields, among the most recent major oil and gas fields in the sector operated by Equinor and TotalEnergies respectively.

Ithaca announced last month that it had refinanced a $ 1.2 billion reserve-based loan facility and placed a $ 625 million bond to “pursue our growth ambitions by focusing on our production and projects.”

The company produced around 56,000 barrels of oil equivalent per day in the first half of 2021.

The Montrose Platform is located approximately 130 miles east of Aberdeen in the central North Sea.

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