Israel’s Delek Group Buys 20% Stake in Ithaca Energy

Israel’s Delek Group has bought 20 percent stake in Ithaca Energy for $66 million.

This is an important strategic investment for Delek in the international market, the Group said in a statement released Friday. Delek Group has announced in the past year that it intends to focus on the international energy sector by identifying investment opportunities, with the emphasis on operators that have synergy with its business.

“This is a major step towards expanding our operations in the international market and widening the Group’s operations into oil and gas exploration and production, while opening up new opportunities for the Delek Group.,” Asi Bartfeld, CEO of Delek Group said.

Ithaca is a partner in 11 producing oil and gas fields, in three of which it acts as the operator, and including the key asset, Greater Stella Area, which has been in development for several years in which it acts as operator.