From its founding in the 1950s until 2013, Delek Group was a successful conglomerate that managed diversified holdings in both energy and other sectors. In the late 1990s, pursuing Management’s assessment of the strong hydrocarbon potential of the East Med region offshore Israel, the Company initiated accelerated exploration activities, efforts that paid off in the 2000s with a number of major natural gas discoveries. In light of these discoveries, Delek Group began a process of focusing to become an E&P pure play and to divest all non energy-related assets.
By 2017, Delek Group had nearly completed the divestment process. The proceeds from these sales are being redeployed to build an international arm for the Company’s E&P activities to complement its well-established East Med E&P operations.
In June 2017, Delek completed acquisition of 100% of Ithaca Energy, an oil and gas operator focused on the North Sea with proven experience in offshore drilling. Ithaca brings Delek significant operational capabilities while enhancing its geographical diversification and increasing its expected average daily production.
Delek continues to seek out additional synergistic and strategic opportunities, especially in North America and the North Sea.