BAKERSFIELD, Calif. (KERO) — IKAV, an international asset management group, on Thursday agreed to acquire Aera Energy through two transactions from subsidiaries of ExxonMobil and Shell, according to a press release.
The deal is subject to regulatory approval.
“We are excited about IKAV’s investment in Aera," said Erik Bartsch, Aera president and CEO, in a statement.
"It tells us they believe in the need for oil and gas for decades to come and are confident in our ability to deliver innovative solutions that will help California meet its bold climate goals.”
"Aera will continue to power the California economy and live our values of exceptional care for people and the environment. We will also remain committed to the principles that make us an employer of choice and a valued partner in the communities where we live and work.”
Aera is headquartered in Bakersfield and in 2021 produced about 95,000 barrels of crude oil equivalent per day.
“In addition to our long-term goal and commitment to renewable energy, we recognize the continued need for oil and gas and for these assets to be operated safely and responsibly to facilitate a smooth and sustainable transformation of our energy supply," said Constantin von Wasserschleben, chairman of IKAV.
"We advocate a co-existence between renewable and conventional energy for decades to come. Aera fits our philosophy, and we are excited to be working with its exceptional team, who share our culture and long-term ambitions.
"Together, we have the expertise required to find innovative solutions to meet California’s energy demand as well as its future climate goals.”
IKAV is headquartered in Germany and has offices in the U.S., Luxembourg, Italy, Spain, Portugal, and France.
