One of the largest independent producers of oil and gas in the UK North Sea, Ithaca Energy, has raised its expectations for this year’s production.
The company reported that its first-half daily production averaged 123,600 barrels of oil equivalent (boe). Based on this, it raised its expectations for the full year from 109,000–119,000 boe to 119,000–125,000 boe per day. Some recent acquisitions have helped its production to more than double on the year.
It acquired the UK upstream business of Italian giant Eni last year. It also recently finalised its purchase of Japex UK E&P. Among other things, these gave it a 50% stake in the Seagull field, equal to BP, the owner of the Castrol metalworking and coolant brand.
Yaniv Friedman, Ithaca’s executive chairman, said the transformed business was showing resilience and strength in the first-half results, adding:
“With production more than doubling year-on-year and adjusted EBITDAX exceeding $1.1 billion, we are delivering on our strategy of disciplined investment and operational excellence. As we adjust our guidance upwards for the remainder of the year, we continue to remain focused on maximising long-term value creation and returns for our shareholders.”
He also pointed to progress on strategic developments in the West of Shetland region. The company says operator Equinor is ramping up activities for the Rosebank field. It plans to put in a revised application that also covers Scope 3 emissions later this year. Ithaca says it expects consent to follow next year, with initial production potentially commencing in 2026/2027.
