Latest news with #IthacaEnergy
Telegraph
a day ago
- Business
- Telegraph
Miliband urged to block Israeli-owned company from North Sea drilling
Ed Miliband has been urged to block an Israeli-controlled company from drilling two of the largest remaining North Sea oil fields. Campaigners claim that Ithaca Energy's profits will fuel 'genocide' in Gaza. Ithaca, already one of the UK's largest offshore operators, is controlled by Israel's Delek Group, which has been flagged by the UN for operating in illegally occupied Palestinian territories. Delek is also understood to provide fuel to the Israeli Defence Force. Ithaca is seeking a new licence from the Department for Energy Security and Net Zero to drill the Rosebank oil field, 60 miles west of Shetland. It has also just been given an 18-month extension to a separate licence for the similarly large Cambo oil field. Tessa Khan, the director of Uplift, a campaign group, said political and humanitarian issues should be considered as part of Ithaca's licence applications as she urged the Energy Secretary to reject them. Ms Khan said: 'Behind these numbers lies a far bigger story. North Sea operator, Ithaca Energy, is majority-owned by Delek Group, a company that has been named by the UN for human rights violations in Palestine. 'In fact, if the Government approves the Rosebank oil field, which Ithaca co-owns, it could see over £250m 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.' Asked about Uplift's allegations, a spokesman for Ithaca Energy said: 'Ithaca Energy is a London Stock Exchange-listed company which is a member of the FTSE 250, and which is governed by the highest standards of corporate governance. 'Ithaca is one of the biggest investors in the North Sea and Scotland, is a responsible employer and is a major contributor to both the UK Treasury through tax payments and to the UK's energy security.' Pressure on Israel The appeal to block Ithaca comes as the Government steps up pressure on Israel to change course in Gaza. Sir Keir Starmer last month vowed to recognise Palestine as a state unless Israel met a series of conditions, including ending the 'appalling' situation in Gaza. Uplift last year won a court case that revoked the Rosebank drilling licences previously issued by the UK Government. The court supported Uplift's claim that ministers had paid too little attention to the emissions that Rosebank's oil and gas would generate. Ithaca's latest report confirms it now plans to seek a new updated licence.
Reuters
a day ago
- Business
- Reuters
UK's Ithaca Energy lifts annual production forecast for second time this year
Aug 20 (Reuters) - Ithaca Energy (ITH.L), opens new tab, a North Sea-focused oil and gas company, raised its 2025 production forecast on Wednesday for the second time in three months, after first-half production more than doubled, sending its shares 7% higher. The London-listed producer has been expanding its portfolio through acquisitions in the past year, including its purchase of Eni's ( opens new tab UK oil and gas assets and a stake increase in Cygnus gas field. Production rose to 123,600 barrels of oil equivalent per day (boepd) in the six-month period ended June 30, up from 53,000 boepd last year, driven by record first-quarter output due to its expanded portfolio. Ithaca posted adjusted EBITDAX (Earnings Before Interest, Taxes, Depreciation, Amortization and Exploration Expense) of $1.1 billion for the first half, compared with $533 million a year earlier. Ithaca now expects 2025 production levels between 119,000 and 125,000 boepd, from an initial forecast of 109,000-119,000 boepd.
Reuters
a day ago
- Business
- Reuters
UK's Ithaca Energy raises annual production forecast
Aug 20 (Reuters) - North Sea oil and gas company Ithaca Energy (ITH.L), opens new tab lifted its 2025 production forecast on Wednesday to 119,000 to 125,000 barrels of oil equivalent per day (boepd) assisted by its expanded portfolio and improved first-half production. Ithaca earlier expected full-year production of 109,000 to 119,000 boepd.
The National
23-06-2025
- Business
- The National
Ex-Labour frontbencher calls for UK Government to reject Rosebank
John McDonnell, who is currently an independent after he was suspended from Labour over voting to remove the two-child cap, has written to Energy Minister Michael Shanks to highlight the role of oil company Ithaca Energy – which has a major stake in Rosebank. Ithaca is majority-owned by Delek Group, an Israeli fuel conglomerate that operates in illegal West Bank settlements and has been listed by the United Nations for activities 'raising particular human rights concerns'. Delek Group has been dropped from investment portfolios by major institutions, including Norway's largest pension fund KLP and the country's $1.5 trillion sovereign wealth fund. READ MORE: Police ban Palestine Action protest from taking place outside Westminster McDonnell warned that approving the development would mean UK oil resources could directly fund a company with documented ties to human rights abuse. McDonnell said: 'Approving plans to develop the Rosebank oil field would be morally indefensible. 'We simply cannot let profits from UK oil resources to flow to a company which is complicit in the oppression and occupation of the Palestinian people. The UK Government must stand against both climate destruction and injustice and reject Rosebank.' If approved, Rosebank – which would be based north west of Shetland – could generate an estimated £253 million in revenue for Delek Group. Delek Group is listed on the UN High Commissioner's database of companies conducting commercial activity in occupied Palestinian territory and also provides fuel to the Israel Defence Forces (IDF) through its subsidiary, Delek Israel. (Image: Archive) McDonnell's letter follows an early parliamentary question on the matter, posed last week to Shanks, who responded that 'each project will go through a regulatory process and be considered on its individual merits.' The National reported earlier this year that Norwegian state-owned Equinor – which is also behind the Rosebank proposals – is being probed by the Norwegian Consumer Authority over its relationship with Ithaca Energy. In January, the Court of Session in Edinburgh ruled that the companies will need to reapply for environmental consents for the Rosebank project after a judge upheld a legal challenge from environmental campaigners against a decision to grant consent for it. READ MORE: Waspi hails 'major breakthrough' in fight against UK Government Greenpeace and Uplift brought the challenge at the Court of Session in Edinburgh over decisions to give approval to the Rosebank and the Jackdaw gas field off Aberdeen. They argued that the UK Government and North Sea Transition Authority (NSTA) had acted unlawfully when granting consent to the projects, as environmental impact assessments did not take into account downstream emissions resulting from the burning of the extracted fuels. In a judgement, Lord Ericht said the decision to grant consent was unlawful, and ruled the consent should be 'reduced' (quashed) and reconsidered.
The Independent
17-06-2025
- General
- The Independent
Fine issued after ‘terrifying' incident on rig saw workers lowered into water
An oil and gas operator has been fined £300,000 following a 'terrifying incident' on a North Sea rig that saw three workers lowered into a flooded lift shaft. The episode happened on the FPF-1 offshore platform, owned by Ithaca Energy (UK) Limited, during a night shift on December 10 2020. The men had been descending in a lift inside one of the platform's legs to carry out routine inspection work at the base of one of the sub-sea columns when they experienced a 'rush of air'. Before the lift reached the bottom of the shaft it started to fill with water, which was up to the men's knees by the time they were able to stop the lift by pressing the emergency button, the Health and Safety Executive (HSE) said. They returned to the main deck safely and none of the men sustained any injuries. An HSE investigation found that hardware failures and incorrect operating procedures had caused the bottom of the lift shaft to flood while the inspection site was being cleared of standing water. The HSE also found that a lack of water alarms at the bottom of the lift shaft also meant the control room was unaware that water was flooding into the shaft. The investigation found that water marks on the lift door showed the water had reached a level of just under 1.5m before the lift was stopped. Meanwhile, Ithaca's own investigation found the water level could have reached more than three metres – which would have made it difficult for the men to have escaped through the top hatch of the lift if the workers had used the lift later, or not been able to stop it as quickly as they did. Ithaca pleaded guilty to safety failings at a hearing at Aberdeen Sheriff Court on June 12, and were issued with a £300,000 fine, the HSE said. HSE inspector Ian Chilley said: 'This was a terrifying incident for the workers involved, we are just thankful that no physical harm came to them. 'This fine should send a message and reminder to those operating offshore facilities for them to be extra vigilant. 'It was only a matter of good fortune that this incident didn't result in serious injury, or worse.' The HSE added that when passing sentence, the sheriff said the case marked 'another reminder of the need for rigorous adherence to health and safety in the oil and gas industry'. The HSE also issued an improvement notice in the immediate aftermath of the incident, and work in confined spaces was halted until February 2021 while a full review of the incident was carried out.
