21-05-2025
Ithaca Energy lifts annual production forecast after Cygnus field deal
May 21 (Reuters) - North Sea oil and gas company Ithaca Energy (ITH.L), opens new tab on Wednesday raised its full-year production forecast to reflect its increased stake in the Cygnus gas field.
The company now expects full-year production of 109 to 119 thousand barrels of oil equivalent per day (kboe/d) from an earlier estimate of 105 to 115 kboe/d.
Ithaca Energy acquired an additional 46.25% stake in the Cygnus, the largest UK Continental Shelf gas field and a key contributor to the UK's energy security, from Centrica (CNA.L), opens new tab on May 20.
The Aberdeen-based company has significantly expanded its portfolio by buying stakes in several key oil and gas producing fields in recent years, with the acquisition of Eni's ( opens new tab UK assets in 2024 being the biggest till date.
Ithaca reported a rise in first-quarter production to 127.4 kboe/d from 58.7 kboe/d a year earlier.
