Ithaca Energy has reached an agreement to acquire Aberdeen-based Siccar Point Energy for $1.5bn.
The deal comes with a pledge from the new owner to develop Cambo and the nearby Rosebank oil field.
The consideration of the agreement includes an upfront payment of $1.1bn and a series of contingent payments totalling a maximum of $360m linked to future developments and $60m linked to short-term realised commodity prices.
