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]
 | |
| Company type | Public |
|---|---|
| Industry | Energy |
| Founded | 2004 |
| Headquarters | Aberdeen, Scotland |
Key people | Gilad Myerson (Chairman) Alan Bruce (CEO) |
| Revenue |  $2,319.8 million (2023)[1] |
| $486.1 million (2023)[1] | |
| $215.6 million (2023)[1] | |
| Parent | Delek Group |
| Website | investors |
History
editThe 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
editThe 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
editIthaca 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]
Notes
edit- ^ 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
edit- ^ 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.
- ^ 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.