Centrica: British gas owner to sell stake in North Sea gas field to Ithaca Energy Business Centrica has announced plans to sell off a big chunk of its holding in the Cygnus gas field in the southern North Sea. The deal will see Spirit Energy – a subsidiary of Centrica – offload its 46.25 per cent stake in the site for around £215m to Ithaca Energy. Centrica, which owns British Gas, [...]
Ithaca Energy forecasts higher production and doubles down on Rosebank start date Ithaca Energy said production at Rosebank will begin in 2026/27 despite a landmark January court ruling which deemed approval of the Scottish oil field unlawful. The London-listed firm said it was working closely with regulators and the Department for Energy Security and Net Zero (DESNZ) on a revised application. It expects total capital costs for [...]
‘Self-harm’: Kemi Badenoch slams Rosebank and Jackdaw ruling Energy Kemi Badenoch has slammed a Scottish courts ruling that green lighting the Rosebank and Jackdaw oil and gas fields was unlawful. The written judgement on the two proposed fields off Shetland was announced on Thursday, following a court battle brought by environmental campaigners Uplift and Greenpeace. Lord Ericht ruled that a more scrupulous assessment of [...]
Labour’s North Sea windfall tax plans branded a ‘blunt response’ that will hammer businesses across the UK August 22, 2024 The government’s plans for North Sea oil and gas are a “blunt response” that could jeopardise hundreds of thousands of jobs not just in the energy sector, several of the industry’s leading figures have warned. In an open letter to the Treasury, over 40 companies with operations in the North Sea voiced their “grave concern” [...]
Ithaca Energy: Profit tumbles at North Sea oil and gas firm as windfall tax bites August 22, 2024 North sea oil and gas firm Ithaca Energy saw its revenue and profit tumble after being hit by impairment charges, lower production and a dip in the oil and gas prices. The FTSE 250 constituent, which in the Spring announced plans to buy all of Italian competitor Eni’s North Sea assets for £754m, lowered its [...]
Ithaca Energy’s income slumps, but it expects ‘material dividend capacity’ from Eni merger May 28, 2024 Ithaca Energy has suffered a drop in income, but the group remains optimistc about future growth.
Is Ithaca Energy’s £754m buy of Eni’s North Sea oil and gas assets a good deal? April 24, 2024 Dark clouds of political uncertainty and the green transition hang over Ithaca Energy's blockbuster £756m buy.
Ithaca Energy to buy Eni’s UK assets for about £754m April 23, 2024 North Sea oil and gas producer Ithaca Energy said on Tuesday it would buy Eni's UK upstream oil and gas assets for about £754m in an all-stock deal.
Ithaca Energy to buy Eni’s UK assets, but mothballs projects due to windfall tax March 27, 2024 Ithaca Energy, a leading UK independent exploration and production company, has announced plans to combine with substantially all of Eni S.p.A.'s UK upstream assets
Ithaca Energy scales back North Sea investment due to energy windfall tax February 15, 2024 Ithaca Energy said today that its full-year earnings would be in line with its guidance, as the firm grapples with a sinking stock price. The North Sea oil and gas producer said 2023 production had been 70.2 thousand barrels of oil equivalent per day, matching expectations of 78-74. Last month, the firm’s chief executive Alan [...]