Verus Petroleum in £300m North Sea acquisition

Oil firm Verus Petroleum has agreed to buy stakes in a number of North Sea fields from a Japanese corporation for £300 million.

Verus’ acquisition of Cieco E&P UK from Itochu will add about 11,000 barrels of oil equivalent per day (boepd) to its production profile.

The deal includes a 23.1% interest in the Western Isles asset and a 25.8% stake in the Hudson field.

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