North Sea oil and gas firm Ithaca Energy today said it has struck a $170 million (£100m) deal to buy stakes in three producing oil fields.

The deal, with Sumitomo subsidiary Summit Petroleum, will see Ithaca buy a further 20 per cent stake in the Shell-operated Cook field, in which it already has a 41.3 per cent interest. It is also acquiring 7.48 per cent stakes in the Pierce and Wytch Farm fields, operated by Shell and Perenco respectively.

Ithaca chief executive Les Thomas said: “The transaction is directly in line with our strategy to further diversify and expand our producing asset portfolio.

“Moreover, each of the assets has clearly defined upsides that provide the opportunity to generate significant additional value.”

http://www.scotsman.com/business/energy/ithaca-in-170m-deal-to-boost-north-sea-presence-1-3452995