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
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
