MOL Group has completed a deal to acquire 100% ownership of Ithaca Petroleum Norge (IPN) from Ithaca Petroleum Ltd.
The transaction doubles the size of MOL Group’s exploration portfolio, adding 600 million barrels of net un-risked best-estimate prospective reserves. Entry into the Norwegian market also takes the company a step closer toward becoming an offshore operator in the North Sea. The move includes 14 licenses in the Norwegian Continental Shelf, three of which are currently operated by IPN.
While MOL Group will provide additional operational resources and support where needed, MOL Norge will continue as a Norwegian company, and all staff will become part of the new entity.