Ithaca Energy

Ithaca Energy plc
Company typePublic
IndustryEnergy
Founded2004
HeadquartersAberdeen, Scotland
Key people
Yaniv Friedman (Chairman)
Iain Lewis (Interim CEO)
RevenueDecrease $2,319.8 million (2023)[1]
Decrease $486.1 million (2023)[1]
Decrease $215.6 million (2023)[1]
ParentDelek Group
Websiteinvestors.ithacaenergy.com

Ithaca Energy plc is a British based, Israeli owned, oil and gas company operating in the North Sea. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.[2]

History

The company was established in Canada in 2004 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

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.[14][15]

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.[16]

A Fossil Free London protest against Ithaca

Notes

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

References

  1. ^ a b c "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.
  5. ^ "Ithaca Acquires Certain UK North Sea Gas Interests form GDF Suez". Offshore Energy. 17 December 2010. Retrieved 5 March 2023.
  6. ^ "Ithaca approved to remove North Sea Anglia platform". Offshore Magazine. 27 August 2020. Retrieved 5 March 2023.
  7. ^ a b "Ithaca Energy confirms London IPO plans". Financial Times. 18 October 2022. Retrieved 5 March 2023.
  8. ^ "Ithaca completes $1.5bn acquisition of Cambo operator Siccar Point Energy". Energy Voice. 4 July 2022. Retrieved 5 March 2023.
  9. ^ "Ithaca Energy Wraps Siccar Point Energy Buy". Offshore Engineer. 4 July 2022. Retrieved 5 March 2023.
  10. ^ "Ithaca Energy set for London's biggest IPO in 2022". Reuters. 2 November 2022. Retrieved 5 March 2023.
  11. ^ "Oil producer Ithaca shares sink in UK's largest IPO of 2022". Reuters. 9 November 2022. Retrieved 5 March 2023.
  12. ^ "Ithaca Energy posts huge $2bn profits in first results since IPO". Energy Voice. 30 November 2022. Retrieved 5 March 2023.
  13. ^ "Persons with significant control". Companies House.
  14. ^ William, Helen (September 30, 2023). "Hundreds protest in central London against Rosebank oilfield approval". Evening Standard.
  15. ^ "Hundreds protest in London against Rosebank oilfield approval". ITV News. 1 October 2023. Retrieved 2 July 2024.
  16. ^ "Rosebank oil giant funnelling money to Israeli settlement-linked company". The National. March 18, 2024.