ITHACA Energy has ramped up its presence in the North Sea after clinching deals which give it full control of operating licences in the Greater Stella Area (GSA).

Aberdeen-based Ithaca has acquired Petrofac’s 20 per cent holding in the GSA development, as well as its 24.8 per cent interest in the FPF1 floating production facility, in a transaction worth up to $292 million.

Petrofac will book a one-off impairment charge of $55m on the deal.

At the same time, Ithaca announced it has acquired Dyas UK’s 25 per cent interest in the development, including Dyas’ interest in the area’s non-producing Jacky and Athena licences

As a result of the deals, Ithaca now has full ownership of the area’s Stella, Harrier and Hurricane fields, as well as 100% control over the floating production facility.

Ithaca, now part of Israel’s Delek Group, declared that the acquisition materially increases its production and reserves base, while giving it full control over the long-term development of the GSA production facility used on the production hub.

It forecasts that production will now increase by around 50 per cent to 22,000 barrels of oil equivalent per day, with unit operating costs expected to reduce next year to $18 million (boepd).

The acquisitions make good on the growth ambitions highlighted by Ithaca earlier this year, when it said its new Israeli owner was keen to increase its exposure to the North Sea.

Petrofac boss Ayman Asfari said: “This disposal marks a further milestone in our journey back to a capital-light business and, along with recently-agreed transactions in Mexico and Tunisia, marks the significant progress we are making on our stated strategy.”