Ithaca Energy
{{Short description|British oil and gas company}}
{{Infobox company
| name = Ithaca Energy plc
| logo = Ithaca Energy logo.jpg
| type = Public
| traded_as = {{ubl|{{lse|ITH}}|FTSE 250 component}}
| foundation = 2004
| location = Aberdeen, Scotland
| key_people = Yaniv Friedman (Chairman)
Iain Lewis (Interim CEO)
| industry = Energy
| products =
| slogan =
| revenue = {{decrease}} $1,981.9 million (2024){{cite web|url=https://investors.ithacaenergy.com/sites/ithaca-ir/files/2025-03/2024-year-end-financial-results.pdf|title=Annual Results 2024|publisher=Ithaca Energy|access-date=26 March 2025}}
| operating_income = {{increase}} $523.8 million (2024)
| net_income = {{decrease}} $153.2 million (2024)
| num_employees =
| homepage = {{URL|https://investors.ithacaenergy.com/}}
| parent = Delek Group
}}
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.{{cite web|url=https://research.ftserussell.com/products/index-notices/home/getnotice/?id=2607236 |title=FTSE UK Index Series Quarterly Review March 2023|date= 1 March 2023|publisher=FTSE Russel|access-date=5 March 2023}}
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.{{Cite web |url=http://morayfirth-partnership.org/oil-and-gas.html |title=Oil and Gas | Moray Firth Partnership |access-date=24 December 2013|archive-url=https://web.archive.org/web/20131224112710/http://morayfirth-partnership.org/oil-and-gas.html |archive-date=24 December 2013|url-status=dead}}{{efn|Talisman Energy resumed ownership of the field in 2015 in preparation for decommissioning the field.{{Cite web|url=http://www.offshore-mag.com/articles/print/volume-75/issue-8/engineering-construction-installation/more-uk-operators-submitting-plans-for-platform-subsea-removal-programs.html|title = More UK operators submitting plans for platform, subsea removal programs|date=19 August 2015|newspaper=Offshore Magazine|access-date=5 March 2023}}}}
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.{{cite news | url =https://www.offshore-energy.biz/ithaca-acquires-certain-uk-north-sea-gas-interests-form-gdf-suez/ |title=Ithaca Acquires Certain UK North Sea Gas Interests form GDF Suez|date=17 December 2010|newspaper=Offshore Energy| access-date=5 March 2023}}{{efn|Ithaca Energy ceased production in the Anglia gas field in 2015.{{cite news|url= https://www.offshore-mag.com/regional-reports/north-sea-europe/article/14182438/ithaca-energy-approved-to-remove-north-sea-anglia-platform |title= Ithaca approved to remove North Sea Anglia platform|date=27 August 2020|newspaper=Offshore Magazine| access-date=5 March 2023}}}}
It traded on the Alternative Investment Market until it was acquired by an Israeli-based company, Delek Group, in 2017.{{cite news|url= https://www.ft.com/content/1fb38360-7a7a-420d-8f24-f8bd940d6539 |title= Ithaca Energy confirms London IPO plans|newspaper=Financial Times|date=18 October 2022|access-date=5 March 2023}}
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.{{cite news|url=https://www.energyvoice.com/oilandgas/north-sea/west-of-shetland/424419/ithaca-siccar-point-energy/ |title= Ithaca completes $1.5bn acquisition of Cambo operator Siccar Point Energy|date=4 July 2022|newspaper=Energy Voice| access-date=5 March 2023}}{{cite news|url=https://www.oedigital.com/news/497810-ithaca-energy-wraps-siccar-point-energy-buy |title=Ithaca Energy Wraps Siccar Point Energy Buy|date=4 July 2022|newspaper=Offshore Engineer| access-date=5 March 2023}}
The company was the subject of an initial public offering on the London Stock Exchange in November 2022.{{cite news|url= https://www.reuters.com/markets/europe/ithaca-energy-ipo-value-company-up-36-bln-bookrunners-2022-11-02/ |title= Ithaca Energy set for London's biggest IPO in 2022|date=2 November 2022|newspaper=Reuters| access-date=5 March 2023}}{{cite news|url= https://www.reuters.com/markets/deals/ithaca-debuts-london-ipo-starved-market-2022-11-09/ |title= Oil producer Ithaca shares sink in UK's largest IPO of 2022|date=9 November 2022|newspaper=Reuters| access-date=5 March 2023}}{{cite news|url= https://www.energyvoice.com/oilandgas/north-sea/465100/ithaca-energy-results-q3-ipo/ |title=Ithaca Energy posts huge $2bn profits in first results since IPO|date=30 November 2022|newspaper=Energy Voice| access-date=5 March 2023}}
Delek Group still retains in excess of 75% ownership and voting rights.{{cite web |title=Persons with significant control |url=https://find-and-update.company-information.service.gov.uk/company/SC272009/persons-with-significant-control |website=Companies House}}
Operations
Ithaca Energy's core business is the exploration, development, and production of hydrocarbons in the UK Continental Shelf.{{Cite web |title=IN BRIEF: Ithaca says signs of hydrocarbons found by North Sea well {{!}} Shares Magazine |url=https://www.sharesmagazine.co.uk/news/market/1735032090527954600/in-brief-ithaca-says-signs-of-hydrocarbons-found-by-north-sea-well |access-date=2025-01-30 |website=www.sharesmagazine.co.uk}} 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.{{Cite web |title=Greater Stella Area Development, North Sea |url=https://www.offshore-technology.com/projects/greater-stella-area-development-north-sea/ |access-date=2025-01-30 |website=Offshore Technology |language=en-US}}
The company has a 20% stake in the non-operating Rosebank oil and gas field and 70% stake in the operating Cambo oil field.
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.{{Cite web|url=https://www.standard.co.uk/news/london/london-protest-rosebank-oilfield-fossil-free-london-b1110506.html|title=Hundreds protest in central London against Rosebank oilfield approval|first=Helen|last=William|date=September 30, 2023|website=Evening Standard}}{{cite news|url=https://www.itv.com/news/london/2023-10-01/hundreds-protest-in-london-against-rosebank-oilfield-approval|title=Hundreds protest in London against Rosebank oilfield approval|date=1 October 2023|newspaper=ITV News|access-date=2 July 2024}}
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.{{Cite web|url=https://www.thenational.scot/news/24193137.rosebank-oil-firm-ithaca-funnelling-money-israeli-settlement-linked-firm-delek/|title=Rosebank oil giant funnelling money to Israeli settlement-linked company|date=March 18, 2024|website=The National}}
Notes
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References
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External links
- {{Official site|https://investors.ithacaenergy.com/}}
{{FTSE 250 Index constituents}}
Category:Companies listed on the London Stock Exchange
Category:British companies established in 2004