Ithaca Energy

Ithaca Energy plc
Company type	Public
Traded as	LSE: ITH; FTSE 250 component;
Industry	Energy
Founded	2004
Headquarters	Aberdeen, Scotland
Key people	Yaniv Friedman (Chairman); Iain Lewis (Interim CEO)
Revenue	$2,319.8 million (2023)
Operating income	$486.1 million (2023)
Net income	$215.6 million (2023)
Parent	Delek Group
Website	investors.ithacaenergy.com

Ithaca Energy plc is a British based, Israeli owned, oil and gas company operating in the North Sea. Headquartered in Aberdeen, Scotland, it is a constituent of the FTSE 250 Index and a subsidiary of the Israeli-owned Delek Group.^[2]

History

Ithaca Energy was originally founded in Canada in 2004. It shifted its focus to the North Sea and grew through acquisitions and organic development and moved to the UK when it took over operations in the Beatrice oil field in 2008.^[3]^[a]

In December 2010, Ithaca Energy became operator of the Anglia gas field by acquiring 30% stake in the field from GDF Suez E&P UK.^[5]^[b]

It traded on the Alternative Investment Market until it was acquired by an Israeli-based company, Delek Group, in 2017.^[7]

The company acquired Siccar Point Energy for $1.5 billion, giving it stakes in the Rosebank oil and gas field and the Cambo oil field, in July 2022.^[8]^[9]

The company was the subject of an initial public offering on the London Stock Exchange in November 2022.^[10]^[11]^[12]

Delek Group still retains in excess of 75% ownership and voting rights.^[13]

Operations

Ithaca Energy's core business is the exploration, development, and production of hydrocarbons in the UK Continental Shelf.^[14] Its portfolio comprises a mix of operated and non-operated assets, spread across the Northern and Central North Sea, as well as West of Shetland. The company's asset base includes interests in several key fields, such as the Greater Stella Area.^[15]

The company has a 20% stake in the non-operating Rosebank oil and gas field and 70% stake in the operating Cambo oil field.^[7]

Controversy

Ithaca has been subject to environmental protests in response to their opening of the Cambo oil field and their plans to develop the Rosebank oil field in September 2023.^[16]^[17]

Ithaca was the subject of protests for its connection with Israeli settlements in March 2018. Ithaca is a subsidiary of Delek, a company which the UN reported as supplying services and utilities supporting the maintenance and existence of Israeli settlements in Palestine.^[18]

Notes

^ Talisman Energy resumed ownership of the field in 2015 in preparation for decommissioning the field.^[4]
^ Ithaca Energy ceased production in the Anglia gas field in 2015.^[6]

References

^ ^a ^b ^c "Annual Results 2023" (PDF). Ithaca Energy. Retrieved 27 March 2024.
^ "FTSE UK Index Series Quarterly Review March 2023". FTSE Russel. 1 March 2023. Retrieved 5 March 2023.
^ "Oil and Gas | Moray Firth Partnership". Archived from the original on 24 December 2013. Retrieved 24 December 2013.
^ "More UK operators submitting plans for platform, subsea removal programs". Offshore Magazine. 19 August 2015. Retrieved 5 March 2023.
^ "Ithaca Acquires Certain UK North Sea Gas Interests form GDF Suez". Offshore Energy. 17 December 2010. Retrieved 5 March 2023.
^ "Ithaca approved to remove North Sea Anglia platform". Offshore Magazine. 27 August 2020. Retrieved 5 March 2023.
^ ^a ^b "Ithaca Energy confirms London IPO plans". Financial Times. 18 October 2022. Retrieved 5 March 2023.
^ "Ithaca completes $1.5bn acquisition of Cambo operator Siccar Point Energy". Energy Voice. 4 July 2022. Retrieved 5 March 2023.
^ "Ithaca Energy Wraps Siccar Point Energy Buy". Offshore Engineer. 4 July 2022. Retrieved 5 March 2023.
^ "Ithaca Energy set for London's biggest IPO in 2022". Reuters. 2 November 2022. Retrieved 5 March 2023.
^ "Oil producer Ithaca shares sink in UK's largest IPO of 2022". Reuters. 9 November 2022. Retrieved 5 March 2023.
^ "Ithaca Energy posts huge $2bn profits in first results since IPO". Energy Voice. 30 November 2022. Retrieved 5 March 2023.
^ "Persons with significant control". Companies House.
^ "IN BRIEF: Ithaca says signs of hydrocarbons found by North Sea well | Shares Magazine". www.sharesmagazine.co.uk. Retrieved 2025-01-30.
^ "Greater Stella Area Development, North Sea". Offshore Technology. Retrieved 2025-01-30.
^ William, Helen (September 30, 2023). "Hundreds protest in central London against Rosebank oilfield approval". Evening Standard.
^ "Hundreds protest in London against Rosebank oilfield approval". ITV News. 1 October 2023. Retrieved 2 July 2024.
^ "Rosebank oil giant funnelling money to Israeli settlement-linked company". The National. March 18, 2024.

External links

Official website

[5] Talisman Energy resumed ownership of the field in 2015 in preparation for decommissioning the field.^[4]

[8] Ithaca Energy ceased production in the Anglia gas field in 2015.^[6]

[results-1] "Annual Results 2023" (PDF). Ithaca Energy. Retrieved 27 March 2024.

[2] "FTSE UK Index Series Quarterly Review March 2023". FTSE Russel. 1 March 2023. Retrieved 5 March 2023.

[3] "Oil and Gas | Moray Firth Partnership". Archived from the original on 24 December 2013. Retrieved 24 December 2013.

[4] "More UK operators submitting plans for platform, subsea removal programs". Offshore Magazine. 19 August 2015. Retrieved 5 March 2023.

[6] "Ithaca Acquires Certain UK North Sea Gas Interests form GDF Suez". Offshore Energy. 17 December 2010. Retrieved 5 March 2023.

[7] "Ithaca approved to remove North Sea Anglia platform". Offshore Magazine. 27 August 2020. Retrieved 5 March 2023.

[ft-9] "Ithaca Energy confirms London IPO plans". Financial Times. 18 October 2022. Retrieved 5 March 2023.

[10] "Ithaca completes $1.5bn acquisition of Cambo operator Siccar Point Energy". Energy Voice. 4 July 2022. Retrieved 5 March 2023.

[11] "Ithaca Energy Wraps Siccar Point Energy Buy". Offshore Engineer. 4 July 2022. Retrieved 5 March 2023.

[12] "Ithaca Energy set for London's biggest IPO in 2022". Reuters. 2 November 2022. Retrieved 5 March 2023.

[13] "Oil producer Ithaca shares sink in UK's largest IPO of 2022". Reuters. 9 November 2022. Retrieved 5 March 2023.

[14] "Ithaca Energy posts huge $2bn profits in first results since IPO". Energy Voice. 30 November 2022. Retrieved 5 March 2023.

[15] "Persons with significant control". Companies House.

[16] "IN BRIEF: Ithaca says signs of hydrocarbons found by North Sea well | Shares Magazine". www.sharesmagazine.co.uk. Retrieved 2025-01-30.

[17] "Greater Stella Area Development, North Sea". Offshore Technology. Retrieved 2025-01-30.

[18] William, Helen (September 30, 2023). "Hundreds protest in central London against Rosebank oilfield approval". Evening Standard.

[19] "Hundreds protest in London against Rosebank oilfield approval". ITV News. 1 October 2023. Retrieved 2 July 2024.

[20] "Rosebank oil giant funnelling money to Israeli settlement-linked company". The National. March 18, 2024.

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