Company type | Public |
---|---|
Industry | Energy |
Founded | 2004 |
Headquarters | Aberdeen, Scotland |
Key people | Yaniv Friedman (Chairman) Iain Lewis (Interim CEO) |
Revenue | $2,319.8 million (2023)[1] |
$486.1 million (2023)[1] | |
$215.6 million (2023)[1] | |
Parent | Delek Group |
Website | investors |
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]
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]
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]
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]