Delek unit Ithaca buys Japan's Marubeni Oil and Gas

Ithaca drilling rig

Market sources estimate that the acquisition of Marubeni will immediately increase Ithaca's North Sea production capacity by 7,000-8,000 barrels of oil per day.

Delek Group Ltd. (TASE:DLEKG) fully owned unit Ithaca Energy has reportedly signed an agreement to buy Japanese company Marubeni Oil and Gas for $140 million. The acquisition is designed to increase Ithaca's oil and gas reserves in the North Sea.

Market sources estimate that the acquisition of Marubeni will immediately increase Ithaca's production capacity by 7,000-8,000 barrels of oil per day. According to Delek Group, the deal forms part of Ithaca's strategy of expanding and developing activities in the UK waters of the North Sea, as part of its plans to raise capital on the London Stock Exchange or bring in partners.

Published by Globes, Israel business news - en.globes.co.il - on November 3, 2021.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.

Ithaca drilling rig
Ithaca drilling rig
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