UPDATE 4-Ithaca Energy snaps up Eni's UK assets in $940 million North Sea deal

Ithaca Energy has agreed to buy nearly all Eni's UK oil and gas producing assets for about 754 million pounds ($938.3 million) in stock, as it looks to become one of the biggest independent energy companies in the North Sea. The combined entity would be able to produce more than 100,000 barrels of oil equivalent per day until at least 2028, and aims to pay dividends of up to $500 million each in 2024 and 2025, Ithaca said on Tuesday. The North Sea is an energy-rich region in the Atlantic Ocean that has long been coveted by European oil and gas companies for its potential, but aging reserves and security concerns have made development there challenging.