Israel firm buys share in North Sea oil fields

An Israeli company has acquired a $2 billion stake in a North Sea oil field.

Ithaca Energy will take control of the area from American energy giant Chevron, making it one of the top players in North Sea oil. Chevron became the second major firm to pull out of the area in six weeks, according to a report by the BBC.

“We can’t wait to get our hands on the steering wheel and really take it forward,” Ithaca Chief Executive Officer Les Thomas said in a phone interview to reporters at Bloomberg.

“It makes us one of the largest producers in the UK sector and we think of just lots of potential.”

Around 500 staff are set to be transferred from Chevron to Ithaca as part of the deal, including 200 offshore workers.

Ithaca is a subsidiary unit of Delek Group Ltd. the energy company owned and controlled by Israeli billionaire Yitzhak Tshuva.

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