Wallace Appointed CEO of Israel’s Delek Group

The succession at the top role comes amid the independent’s expansion beyond the Eastern Med, with recent acquisitions of North Sea and US Gulf of Mexico assets.

Source: Getty Images.

Idan Wallace, currently deputy chief executive officer of Israeli independent Delek Group, will succeed Asaf Bartfeld as CEO beginning 1 January 2020. Bartfeld is retiring after 30 years with the company.

Wallace, deputy CEO since 2015, is also the CEO of Tshuva Group, a group of private companies owned by Yitzhak Tshuva, Delek Group’s controlling shareholder. Since 2010, Wallace has served as a strategic advisor to the CEOs of Delek Energy, Delek Drilling, and Avner Oil Exploration.

Bartfeld, president and CEO since 2003, has held multiple senior positions at Delek Group, including chief financial officer. He currently serves as chairman or director of several Delek Group subsidiaries and affiliates.

Wallace takes over the role as Delek Group is in the midst of expanding its presence beyond the eastern Mediterranean Sea, which includes the massive Leviathan gas project that is nearing startup. The company in early November closed on its $2-billion acquisition of Chevron’s North Sea business through its Ithaca Energy subsidiary and, earlier this year, agreed to buy Shell’s 22.45% interest in the Caesar Tonga oil field in the US Gulf of Mexico for $965 million.

The moves build on its purchases of Ithaca in 2017 and US gulf leases covering nine exploration prospects in 2018.