| Ithaca Energy plc | |
| Type: | Public |
| Foundation: | 2004 |
| Location: | Aberdeen, Scotland |
| Key People: | Gilad Myerson (Chairman) Alan Bruce (CEO) |
| Industry: | Energy |
| Revenue: | $2,319.8 million (2023)[1] |
| Operating Income: | $486.1 million (2023) |
| Net Income: | $215.6 million (2023) |
| Parent: | Delek Group |
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]
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.[4]
It traded on the Alternative Investment Market until it was acquired by an Israeli-based company, Delek Group, in 2017.[5]
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.[6] [7]
The company was the subject of an initial public offering on the London Stock Exchange in November 2022.[8] [9] [10]
Delek Group still retains in excess of 75% ownership and voting rights.[11]
The company has a 20% stake in the non-operating Rosebank oil and gas field and 70% stake in the operating Cambo oil field.[5]
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.[12] [13]
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.[14]