Ithaca Energy plc, together with its subsidiaries, develops and produces oil and gas in the North Sea. Its asset portfolio spans the Northern, Central, and Southern North Sea, as well as the West of Shetland and Moray Firth areas of the UK Continental Shelf. The company was formerly known as Delek North Sea Limited and changed its name to Ithaca Energy plc in October 2022. Incorporated in 2004, it is based in London, the United Kingdom, and operates as a subsidiary of DKL Energy Limited.
Ithaca Energy to buy Suncor's Canadian offshore assets for $860 million
Ithaca Energy has agreed to buy Suncor Energy's offshore Canadian assets for $860 million in cash, its first acquisition outside the UK, sending shares in the North Sea oil producer up 3%. Suncor could receive a further $250 million depending on average Brent crude prices over a 27-month period starting July 1, 2026, with any additional payment funded from Ithaca's free cash flow. The deal, expected to close in the first half of 2027, gives Ithaca a 48% operated stake in Terra Nova, a 40% non-operated stake in White Rose Existing Lands and a 38.6% stake in White Rose Growth Lands, including the West White Rose development. Ithaca said the assets add 103 million barrels of oil equivalent of proven and probable reserves at an acquisition cost of about $8 per barrel of oil equivalent, and should contribute average production of about 30,000 barrels of oil equivalent per day between 2027 and 2031, rising to 35,000-40,000 barrels per day in 2029 as West White Rose ramps up. The assets generated about $235 million of adjusted EBITDAX in the 12 months to June 30, 2026, and Ithaca plans to fund the upfront payment with cash, its existing borrowing facility and secured financing in Canada, while assuming all decommissioning obligations; the transaction needs approval under Canada's Competition Act and carries a $50 million break fee in certain circumstances.
ITH.LSE · Capital · Positive Ithaca Energy's first acquisition outside the UK adds 103 million boe of reserves and ~30,000 boe/d production for $860 million
SU · Capital · Positive Suncor agrees to sell its Canadian offshore assets to Ithaca for $860 million cash plus up to $250 million contingent on Brent prices
Polanski Urges Miliband to Block Rosebank Oil Field Over Israel Links
Green Party leader Zack Polanski has written to Foreign Secretary Ed Miliband urging him to block development of the Rosebank oil field over the project's alleged ties to Israel. Polanski raised concerns about Israeli-controlled Ithaca Energy, which holds a 20pc stake in Rosebank and is controlled by Israeli energy giant Delek Group, a company listed by the UN as supporting the maintenance and existence of settlements in occupied Palestinian territories. In his letter, Polanski said Ithaca has already paid over $1bn (£754m) in dividends from its UK oil and gas interests to the Delek Group since 2000, an amount he said would soar if the Government approves new drilling projects in which Ithaca has a stake. Ithaca owns its Rosebank stake alongside Adura, a joint venture between Shell and Norwegian state-controlled energy giant Equinor, and Rosebank is the UK's largest untapped oil reserve with about 500 million barrels of available oil and gas. Ithaca Energy said it is governed by the highest standards of corporate governance and is a major contributor to the UK Treasury and the UK's energy security, while Delek Group said it has been wrongly included in the UN database and intends to formally challenge its listing. Polanski's letter comes days before the Green Party's annual conference opens in Brighton on Friday, and he is preparing to challenge Labour for Sir Keir Starmer's former seat of Holborn and St Pancras in a by-election on Oct 8.
Energy Transition & Power Demand › Natural Gas Value Chain ▼Regulation
ITH.LSE · Regulation · Negative Green Party leader urges the Foreign Secretary to block Rosebank development over Ithaca's Israeli ties, threatening its UK oil and gas projects
Delek Group · Regulation · Negative Delek Group is accused of benefiting from Ithaca dividends tied to Rosebank and is listed by the UN over settlements, drawing scrutiny that could hit its UK interests
SHEL.LSE · Regulation · Neutral Shell's Adura joint venture holds a Rosebank stake that could be affected if the government blocks the field, but Shell is only mentioned as a partner
Adura · Regulation · Neutral Adura, the Shell-Equinor JV, is named as a Rosebank stakeholder that would be affected by a block, but no specific development about Adura itself
UK to Approve Jackdaw Gas Field This Month, Reports Say
The U.K. government is expected to approve development of the Jackdaw gas field in the North Sea later this month, according to the BBC and other reports. Energy Secretary Miatta Fahnbulleh is also expected to approve the Rosebank oil field in the coming months, The Guardian reported. Both fields are operated by Adura, a joint venture between Shell and Equinor, with Ithaca Energy owning 20% of Rosebank. The projects were originally approved in 2022 but were blocked by a Scottish court ruling after environmental groups argued their climate impact was not fully considered. Jackdaw and Rosebank are relatively small, with forecast peak production of 40,000 and 70,000 barrels of oil equivalent per day, respectively. Adura says Jackdaw could supply 6% of the U.K.'s total gas output at its peak, while environmental groups estimate it will meet just 2% of U.K. gas demand over its 10-year lifetime. The joint venture also projects the two fields will generate £1.4 billion, or about $1.9 billion, in tax revenues by 2029.
BP Finalizes Technical Services Contract with ONGC for Western Offshore Basin
BP has finalized a Technical Services Contract with India's ONGC to act as Technical Services Provider for the Western Offshore Basin fields. The agreement, signed on June 25 in the presence of India's Minister of Petroleum and Natural Gas Shri Hardeep Singh Puri and Secretary Dr Neeraj Mittal, extends the companies' collaboration beyond the Mumbai High field. BP will work with ONGC teams on well, reservoir, and production facility interventions. Separately, BP is in discussions to sell its UK North Sea assets to Ithaca Energy for roughly £2 billion, though negotiations have faced setbacks and other options are being considered.
Energy Transition & Power Demand › Natural Gas Value Chain Supply
BP.LSE · Demand · Positive BP secures a technical services contract with ONGC for Western Offshore Basin fields, expanding its collaboration in India.
Oil and Natural Gas Corporation · Demand · Positive ONGC signed a Technical Services Contract with BP for Western Offshore Basin fields, extending their collaboration.
Oil and Natural Gas Corporation · Supply · Positive ONGC signed a technical services contract with BP to improve production from Western Offshore Basin fields.
Oil and Natural Gas Corporation · Technology · Positive ONGC signs technical services contract with BP for Western Offshore Basin fields, gaining expertise for well and reservoir interventions.
ITH.LSE · Capital · Neutral BP is in discussions to sell UK North Sea assets to Ithaca Energy for ~£2bn, but negotiations have faced setbacks and other options are being considered.
BP to Restructure into Two Core Segments from July 2026
BP announced a new organizational structure effective July 1, 2026, transitioning from three segments to two core business segments: Upstream and Downstream. The Upstream division will consolidate oil and gas exploration, development, production, upstream joint ventures, renewable natural gas, and carbon capture and storage operations, while the Downstream division will encompass refining, terminals, pipelines, mobility and convenience, biofuels, aviation, hydrogen, and Castrol. Management stated the new structure aims to improve accountability, streamline operations, and enable faster decision-making. Separately, BP had been in advanced discussions to sell its UK North Sea assets to Ithaca Energy for nearly £2 billion, though negotiations reportedly stalled and no agreement was reached. The company continues to evaluate strategic alternatives to optimize its portfolio.
BP.LSE · Capital · Neutral Restructuring into two segments aims to improve efficiency, but no concrete financial impact yet; stalled North Sea asset sale adds uncertainty.
ITH.LSE · Capital · Negative Advanced discussions to acquire BP's UK North Sea assets for nearly £2 billion stalled, deal not reached.
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