Ithaca Energy, a subsidiary of Tel Aviv stock exchange–listed Delek Group, and an investment firm have agreed to set up a new infrastructure company for Ithaca’s U.K. North Sea operations, according to Reuters. The partner is rumored to be BlackRock.
The joint venture has agreed to pay anywhere from $875 million to more than $1 billion for two of Ithaca’s production platforms under the nonbinding deal.
Ithaca Energy is an independent oil and gas company with production, development and exploration operations focused on the North Sea, according to Ithaca. Last year, the company added 10 producing fields to its portfolio with the acquisition of Chevron North Sea.
Delek is planning to spin off Ithaca in a London share offering this year, said Reuters.
