Ithaca Energy

Ithaca Energy plc is a British oil and gas company that explores and produces hydrocarbons from the UK Continental Shelf. Headquartered in Aberdeen, Scotland, the company was originally founded in Canada in 2004 before shifting its focus to the North Sea and moving operations to the UK in 2008, when it took over the Beatrice oil field. It became a publicly traded company on the London Stock Exchange in November 2022 and joined the FTSE 250 Index. Ithaca is a subsidiary of the Delek Group, an Israeli energy conglomerate.

The company has grown through strategic acquisitions, including the purchase of Chevron's North Sea assets in 2019 and the $1.5 billion acquisition of Siccar Point Energy in July 2022, which gave it stakes in the Rosebank and Cambo fields. Ithaca now holds interests in six of the ten largest fields in the UK North Sea and is the second largest UKCS resource holder. In October 2024, it completed a business combination with Eni UK, creating a dynamic growth player with significant investment optionality.

Ithaca's portfolio includes producing assets such as the Greater Stella Area and the Beatrice field, alongside major development projects like Rosebank and Cambo. The company has argued that domestic oil and gas production has a lower carbon footprint than imports, and it has committed to decarbonisation goals. However, it has faced scrutiny over its environmental impact and vulnerability to UK fiscal policy, particularly the Energy Profits Levy, which has driven reduced investment in the sector. [edit]