In a decisive expansion push, Ithaca Energy PLC announced Tuesday that it will acquire the U.K. subsidiary of Japan Petroleum Exploration Co. Ltd. (JAPEX UK) in a $193 million deal, increasing its stake in a high-margin North Sea crude oil and natural gas project.
The acquisition is a strategic maneuver that underscores Ithaca’s aggressive growth agenda, consolidating its foothold in a lucrative energy basin while leveraging tax advantages that could shape its financial trajectory for years to come.
A Deeper Stake in the Seagull Oil Field
With this deal, Ithaca Energy— a subsidiary of Israeli-owned Delek Group—will increase its stake in the Seagull oil field from 35% to 50%. The remaining interest is held by BP Japan Petroleum Exploration Co. Ltd., making Ithaca a dominant player in the project.
The acquisition is part of Ithaca’s long-term strategy to strengthen its North Sea portfolio by adding high-value assets with strong production potential.
“The acquisition of [JAPEX UK] shows Ithaca Energy’s growth strategy in action,” said Yaniv Friedman, Ithaca’s executive chairman. “It will add incremental production for the group in a highly attractive, high-value field.”
