Ithaca Energy
A British oil and gas exploration, development and production company focused on the UK North Sea.
Last updated October 16, 2026
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Overview
Ithaca Energy is a British oil and gas company whose activities are concentrated in the United Kingdom Continental Shelf. Headquartered in Aberdeen, Scotland, it explores for, develops and produces hydrocarbons through a portfolio of operated and non-operated offshore assets in the Northern and Central North Sea and West of Shetland. Its business model combines ownership of producing fields with participation in larger developments alongside industry partners. The company was founded in Canada in 2004 but subsequently redirected its strategy toward the UK North Sea. A major step in that transition came in 2008, when Ithaca took over operations at the Beatrice field and established a substantive operating presence in the United Kingdom. It continued to expand through a mixture of acquisitions, field development and organic activity. In December 2010, the company became operator of the Anglia gas field after acquiring a 30% interest from GDF Suez E&P UK. Ithaca was admitted to the Alternative Investment Market before being acquired by Delek Group in 2017. Delek, an Israeli energy and infrastructure group, remains the controlling shareholder. The acquisition placed Ithaca within a larger corporate group while preserving its identity as a UK-focused upstream business. Ithaca later made its most significant expansion in the period covered by the available references through the July 2022 acquisition of Siccar Point Energy for approximately US$1.5 billion. That transaction added interests in the Rosebank and Cambo oil and gas fields and materially enlarged Ithaca's West of Shetland position. The company returned to the public markets through an initial public offering on the London Stock Exchange in November 2022. It became a constituent of the FTSE 250 Index, while Delek Group retained more than 75% of its ownership and voting rights according to the referenced Wikipedia material. Ithaca therefore operates as a publicly listed company while remaining under effective control of its parent group. Ithaca's portfolio includes the Greater Stella Area and interests across several offshore fields. The company holds a 20% non-operating interest in the Rosebank project and a 70% interest in the Cambo field, both of which have attracted public attention because of their potential environmental implications and their relationship to UK energy policy. Protests concerning Cambo and Rosebank intensified in 2023, reflecting wider opposition to new North Sea oil and gas development. Ithaca has also faced criticism connected with Delek Group's reported links to activities associated with Israeli settlements, including protests in 2018. As an upstream producer, Ithaca does not primarily sell branded consumer products. Its commercial outputs are crude oil, condensate and natural gas, produced from offshore fields and sold into energy markets. The company's positioning is that of a regional North Sea operator seeking to extend the productive life of existing infrastructure while developing additional UK Continental Shelf resources. Its future profile is consequently tied to field performance, project approvals, commodity prices, decommissioning obligations, environmental regulation and the UK government's approach to domestic hydrocarbon production.
History
Ithaca Energy was established in Canada in 2004. Although it began with a Canadian corporate origin, the company subsequently shifted its strategic emphasis to the North Sea and developed into a UK Continental Shelf exploration and production business. This change was accompanied by a move of operational focus to the United Kingdom and by the accumulation of interests in offshore fields. A decisive stage in the company's UK development occurred in 2008, when Ithaca took over operations at the Beatrice oil field. Becoming an operator gave the company direct responsibility for offshore production and infrastructure rather than limiting it to minority investment positions. Ithaca continued to expand through acquisitions and the development of its own assets. In December 2010, it acquired a 30% interest in the Anglia gas field from GDF Suez E&P UK and became the field's operator. The Anglia transaction strengthened its position in UK gas and demonstrated the company's intention to build an operating portfolio across the North Sea. Before its acquisition by Delek Group, Ithaca traded on the Alternative Investment Market. Delek, an Israeli-owned energy group, acquired the company in 2017. The transaction changed Ithaca's ownership structure and placed the UK upstream company within a larger international corporate group. Delek subsequently remained its controlling shareholder, retaining more than 75% of ownership and voting rights after Ithaca's later return to the public markets. Ithaca's asset base expanded substantially through the acquisition of Siccar Point Energy, announced as completed in July 2022 for approximately US$1.5 billion. Siccar Point's portfolio included stakes in the Rosebank and Cambo fields, giving Ithaca a materially larger presence in the West of Shetland area. The transaction combined producing and development interests and became a central part of Ithaca's subsequent public-company profile. In November 2022, Ithaca carried out an initial public offering on the London Stock Exchange. The listing returned the company to public trading after its period under Delek ownership and placed it among the companies represented in the FTSE 250 Index. The listing did not eliminate Delek's control: the parent retained more than three-quarters of the company's ownership and voting rights according to the referenced account. Ithaca's operations are focused on exploration, development and production in the UK Continental Shelf. Its portfolio spans the Northern and Central North Sea and West of Shetland, and includes both operated and non-operated interests. The Greater Stella Area is among the assets associated with the company. Ithaca holds a 20% interest in the non-operating Rosebank field and a 70% interest in the operating Cambo field. The company's North Sea expansion has also generated controversy. Environmental activists opposed the proposed Cambo and Rosebank developments, with protests reported in September 2023. The criticism reflects broader disputes over whether new UK offshore oil and gas projects are compatible with climate targets and energy-transition policy. Earlier, in March 2018, Ithaca faced protests relating to its relationship with Delek Group. Those protests referred to reporting that the United Nations had identified Delek-related services and utilities as supporting the maintenance or existence of Israeli settlements in Palestine. These issues have formed an important part of public discussion about the company, even though Ithaca's core business remains UK offshore hydrocarbon production.
- 2022
Siccar Point Energy acquisition
[1]Ithaca acquired Siccar Point Energy for approximately US$1.5 billion, adding Rosebank and Cambo interests.
- 2022
London Stock Exchange IPO
[1]Ithaca completed an initial public offering on the London Stock Exchange in November.
- 2017
Acquisition by Delek Group
[1]Delek Group acquired Ithaca after the company had traded on the Alternative Investment Market.
- 2010
Anglia field operatorship
[1]In December, Ithaca acquired a 30% stake in the Anglia gas field from GDF Suez E&P UK and became operator.
- 2008
Beatrice operations acquired
[1]Ithaca took over operations at the Beatrice oil field, establishing a more substantial UK operating presence.
- 2004
Company founded in Canada
[1]Ithaca Energy was originally established in Canada before shifting its strategic and operating focus to the UK North Sea.
Products and positioning
A UK-focused, mid-sized North Sea upstream energy producer combining operated production with interests in major offshore developments.
Hydrocarbon production
Crude oil
Crude oil is one of Ithaca Energy's principal upstream outputs. It is produced from the company's UK North Sea fields and marketed as an energy commodity rather than as a consumer-facing branded product.
Hydrocarbon production
Natural gas
Natural gas is produced from Ithaca's UK Continental Shelf portfolio, including gas-related interests such as the Anglia field. The company participates in exploration, development, operation and production rather than retail gas branding.
Upstream energy services
Offshore field development and operation
Ithaca's core commercial offering is the development and operation of offshore oil and gas assets. Its portfolio combines operated fields, where it manages production activities, with non-operated interests held alongside other energy companies.
Controversies
2026
Campaigners warn UK PM that approving Rosebank oil field could breach West Bank sanctions over Delek Group links
Environmental campaigners from Stop Rosebank and Greenpeace, assisted by Uplift, and Green Party leader Zack Polanski separately wrote to UK Prime Minister Andy Burnham and Foreign Secretary Ed Miliband warning that approving Rosebank, Britain's largest untapped oil field off Shetland, risks contravening the UK's new sanctions on illegal Israeli West Bank settlements because of the field's links to Delek Group. Delek Group was included last year in a UN database of firms which allegedly provide services or utilities to support settlements in occupied Palestinian territories, and Delek controls Ithaca Energy, which holds a 20% stake in Rosebank. The campaigners asked the government to confirm whether Delek will be caught by the new measures. Delek said it no longer has any involvement in settlements, was wrongly included in the database, and intends with its legal advisers to formally challenge the listing and request its immediate removal; Ithaca Energy issued a statement defending its corporate governance.
2023
Environmental opposition to Cambo and Rosebank
Ithaca attracted environmental protests over its involvement in the proposed Cambo and Rosebank oil and gas developments. Campaigners argued that new offshore hydrocarbon projects conflict with climate objectives and the energy transition.
2018
Protests over Delek Group connections
In March 2018, Ithaca faced protests concerning its ownership by Delek Group. The protests referred to reporting that the United Nations had associated Delek-related services and utilities with the maintenance or existence of Israeli settlements in Palestine.
Brand decisions
2022
Acquisition of Siccar Point EnergyM&ABackground
Ithaca sought to enlarge its UK North Sea production and development portfolio.
Action taken
The company acquired Siccar Point Energy, obtaining interests in the Rosebank and Cambo fields.
Aftermath
The transaction significantly expanded Ithaca's West of Shetland position and increased its exposure to major, publicly debated development projects.
Acquisition value. Approximately US$1.5 billion (July 2022)
2022
Initial public offeringOtherBackground
After operating as a Delek-controlled company, Ithaca pursued a return to public equity markets.
Action taken
Ithaca completed an initial public offering on the London Stock Exchange in November 2022.
Aftermath
The company became publicly listed and a constituent of the FTSE 250 Index, while Delek retained effective control.
2017
Delek Group acquisitionM&ABackground
Ithaca had previously traded on the Alternative Investment Market and was seeking to operate as a larger North Sea-focused business.
Action taken
Delek Group acquired Ithaca Energy.
Aftermath
Ithaca became a subsidiary of Delek Group, which later retained more than 75% ownership and voting rights.
2004
Shift toward the UK North SeaStrategyBackground
Although founded in Canada, Ithaca redirected its business toward exploration, development and production in the North Sea.
Action taken
The company built a UK Continental Shelf portfolio and moved its operational centre of gravity to the United Kingdom.
Aftermath
This strategic repositioning ultimately established Ithaca as an Aberdeen-based UK offshore producer.
Recent events
- Unconfirmed
Campaigners warn UK PM that approving Rosebank oil field could breach West Bank sanctions over Delek Group links[3]
Reported:
Environmental campaigners from Stop Rosebank and Greenpeace, assisted by Uplift, and Green Party leader Zack Polanski separately wrote to UK Prime Minister Andy Burnham and Foreign Secretary Ed Miliband warning that approving Rosebank, Britain's largest untapped oil field off Shetland, risks contravening the UK's new sanctions on illegal Israeli West Bank settlements because of the field's links to Delek Group. Delek Group was included last year in a UN database of firms which allegedly provide services or utilities to support settlements in occupied Palestinian territories, and Delek controls Ithaca Energy, which holds a 20% stake in Rosebank. The campaigners asked the government to confirm whether Delek will be caught by the new measures. Delek said it no longer has any involvement in settlements, was wrongly included in the database, and intends with its legal advisers to formally challenge the listing and request its immediate removal; Ithaca Energy issued a statement defending its corporate governance.
Ithaca Energy appoints Bill Dunnett as CEO[4]
Ithaca Energy Limited announced the appointment of Bill Dunnett as CEO, succeeding Les Thomas.
Sources4 sources
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