Ithaca Energy Buys North Sea Rival Siccar Point Ahead of IPO

Israeli energy conglomerate Delek Group said on April 7 its North Sea subsidiary Ithaca has acquired private equity-backed Siccar Point Energy for $1.1 billion.

The acquisition, Delek said, was part of the plan for Ithaca’s IPO later this year, with the aim of increasing Ithaca’s daily production and guaranteeing its long-term reserves.

The deal will seal Ithaca’s position as a major North Sea producer, boosting its output by 8,000 to 9,500 boe/d to a range of about 75,000 to 85,000 boe/d.