Rosebank oil field owner profits doubled in last six months

The National

5 hours ago

The Aberdeen-headquartered Ithaca Energy, whose parent company is the Israeli-owned Delek Group, posted its unaudited financial results for the first six months of 2025, which revealed $1.1 billion in pre-tax earnings, up from $533m a year earlier.
Campaigners have said that Ithaca's controversial Rosebank project could send £253m towards Delek Group, which has been flagged by the UN for human rights violations in Palestine, following the announcement of the firm's latest profits.
The firm's latest profits announcement comes after a probe was launched by the Norwegian Consumer Authority into the Norwegian state-owned Equinor, which is behind the Rosebank development along with Ithaca, relationship with the Israeli firm.
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Tessa Khan, executive director at the campaign group Uplift, said a 'far bigger story' lies behind Ithaca Energy's profit margins.
She said: 'These profits are a stark reminder that companies like Ithaca are making money while fuelling the changes we are seeing to our climate change, including record wildfires in Scotland and drought conditions across the UK.
'Ithaca, like the vast majority of North Sea oil and gas firms, invests nothing in renewable energy, which is the best route to solving the climate crisis and lowering bills.
'This government must urgently consider the human and environmental cost of continuing to support an industry purely interested in profit."
(Image: Jane Barlow/PA Wire)
In January, the Court of Session in Edinburgh ruled that the companies will need to reapply for environmental consents for the Rosebank project – for the first time taking into account the emissions caused from burning the fossil fuels contained within the field.
The Labour Government previously vowed to end new North Sea oil and gas developments.
The National previously revealed that Ithaca is majority-owned by the Delek Group, an Israeli fuel company that operates in the occupied West Bank, and has been flagged by the United Nations for human rights concerns.
Delek Group is listed on the UN High Commissioner's database of companies conducting commercial activity in the occupied Palestinian territory and also provides fuel to the Israel Defence Forces (IDF) through its subsidiary, Delek Israel.
Khan has warned that Ithaca operating in the North Sea could see hundreds of millions of pounds flow to Delek Group.
She added: 'If the government approves the Rosebank oil field, which Ithaca co-owns, it could see over £250 million flow to Delek, which is known to operate in illegal Israeli settlements and provide fuel to the IDF at a time that Israel is responsible for genocide.'