Israel’s Delek Group said yesterday it was at an advanced stage of talks over a deal to acquire a 20% stake in one of the UK’s biggest oil prospects.
Israeli energy company Delek Group swung to a profit in the fourth quarter, boosted by higher natural gas sales and a rise in finance income.
The resignation of Israel’s economy Minister Aryeh Deri has paved the way for the country to develop its natural gas fields.
The investment arm of Israeli gas firm Delek Group has acquired an almost 20% stake in Ithaca Energy for $66million. The deal underlines investors still see value in North Sea related businesses, despite a slump in oil prices and high operating costs in the region.