Aberdeen-based oil and gas firm Ithaca Energy is to boost its production by buying stakes in two central North Sea oil fields for £24million.
The firm is increasing its stake in the Cook field, operated by Shell, by 28.46% to 41.345%.
It also taking a 14% stake in the ConocoPhillips-operated MacCulloch field, due to be taken over by Endeavour under a separate deal announced earlier this year.
Ithaca said the two acquisitions, expected to complete early next year, were forecast to add 1,100 barrels of oil equivalent (boe) per day to the firm’s production.
They would also add proven and probable reserves of 3.4million boe to the firm’s books.
Iain McKendrick, Ithaca’s chief executive, said the deal was the firm’s first since it agreed a loan earlier this year to diversify its production and allow it to make use of tax allowances.
“I am particularly pleased to be acquiring the interests in these fields, where we see large potential production and reserve upsides,” he said.
He added: “The company is cautiously optimistic of being able to add further asset acquisitions to its portfolio.”
The Cook field is a subsea tieback to the Shell-operated Anasuria floating production vessel, with oil taken to shore by a shuttle tanker.
The MacCulloch field is a set of four subsea wells tied back to the North Sea Producer floating production vessel, with oil and gas exported via pipelines.
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