Internationa Map

With the vision of becoming a truly global E&P company, Delek Group is establishing an international E&P arm with a focus on the North Sea and North America.

To this end, since 2015 Delek Group has been pursuing a strategy aimed at:

  • Achieving more geographical diversity
  • Bringing strong operational capabilities into the Group, primarily through the acquisition of existing operators
  • Taking advantage of opportunities in the international energy market

In June 2017, Delek completed the acquisition of 100% of Ithaca Energy, an oil and gas operator focused on the North Sea.  We see this as a highly synergistic transaction that brings Delek:

  • Strong operational E&P capabilities with decades of experience in offshore drilling and asset development
  • High-potential oil and gas assets in the North Sea, enhancing our geographical diversification and our status in international markets
  • Ongoing cash flow generation
  • Reservoirs with future potential

In parallel, Delek Group continues to seek additional synergistic and strategic opportunities in our target markets.

  • A partnership in which Delek Group owns a 70% working interest bid on and won a license to operate Block 7 in Newfoundland, Canada.
  • Delek has acquired over 15% of Faroe Petroleum, an independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK


Ithaca Energy Inc. is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries and the exploitation of its existing UK producing asset portfolio.  The Company has interests in nine producing fields (three operated), and a portfolio of development assets primarily comprising the future satellite feeder field developments for the Ithaca-operated “Greater Stella Area”, from which production commenced in 2017. 


A core element of Ithaca’s portfolio is the “Greater Stella Area” (GSA) in the UK Central North Sea.  The Company’s focus on the GSA is driven by monetisation of its existing portfolio of undeveloped discoveries located in the area, as well as the opportunity to further build out the portfolio through entry into other discoveries in the vicinity.  With start-up of the Stella field in 2017, the Company has established a new production hub serviced by the Ithaca-operated “FPF-1” floating production facility, where production is initially processed prior to the onward export of oil and gas to market.  It is planned for further wells to be drilled and tied back to the FPF-1 on the GSA satellite portfolio over the coming years in order to maximise production and cashflow from the area.


Stella / Harrier, Vorlich, Austen, Hurricane
Net GSA 2P Reserves Sproule end-2016:
Status: Stella field started up
Feb. 2017
Harrier field start up scheduled for
H2 2018
Vorlich development plan

Ithaca operated production hub – 54.66%

  • Monetizing >45MMboe1 net 2P reserves
  • Targeting additional production from startup of subsea development every ~2 years

Highly attractive tie-back economics

  • Central hub infrastructure in place for Stella
  • Low incremental expenditure on satellite field developments – subsea tie-backs
  • Phased development expenditure, funded from cashflows

Growing future reserves

  • Targeting continued low cost entry to existing discoveries – build out portfolio

1 Sproule end-2016 independent reserves assessment

For more information about Ithaca Energy, please visit



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