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