May 30 (UPI) -- Riding on the success of gas reserves off the coast of Israel and from the acquisition of a rival, Israeli company Delek Group said it has global ambitions.
The company reported earnings of $61.5 million during the first quarter, more than double what it posted last year. Working through its subsidiaries, the company holds a considerable interest in the offshore Tamar and Leviathan gas fields, some of the world's largest, and boasted its gains from exploration and production were up 15 percent year-on-year.
Once on stream, Tamar and Leviathan account for more than 1 billion cubic feet of natural gas production per day. Leviathan, the larger of the two, is slated to start deliveries by the end of 2019.
The companies behind Leviathan have already secured a loan agreement with dozens of banks, led by J.P. Morgan and HSBC, for about $1.75 billion to finance the project.
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For its broader ambitions, Delek last month said it was ready to coordinate financial statements with North Sea company Ithaca Energy after taking control in a $350 million move. Delek Group President and CEO Asaf Bartfield said the acquisition has strategic implications.
"Having acquired control of Ithaca, we intend to continue to strengthen the group's international presence as part of our strategy to focus on the energy sector and become a key player in global markets," he said in a statement.
Ithaca started production from the Stella field in the North Sea in February. First discovered in 1979, Ithaca has led in a string of discoveries in the field in the central British waters of the North Sea.
In a guidance statement published in January, the company said it expected to produce an average of 20,500 barrels of oil equivalent per day this year. Focused in part on development drilling in the central waters of the North Sea, Ithaca said it envisioned capital spending for 2017 of about $70 million.
