Siccar Point’s private equity backers have struck a deal with Ithaca Energy
Trade sale exit for Siccar Point private equity backers
Israeli-owned UK independent Ithaca swoops for UKCS peer
Private equity firms Blackstone and Bluewater have found the answer to how to exit their investment in UK continental shelf (UKCS) producer Siccar Point Energy: a trade sale to Ithaca Energy. The UKCS producer, owned by Israel’s Delek Drillling, will pay $1.1bn upfront and up to $360mn in contingencies dependent on future developments and commodity prices. The deal represents a second transaction in thirteen months where UKCS private equity investors have found the way out through selling their vehicle to a peer in the basin. Hong Kong-headquartered Kerogen struck an agreement to sell Zennor Petroleum to Neo Energy in March last year—Neo itself is backed by Norwegian private equity firm Hite
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
