Profits fall

Cambo owner Ithaca Energy hit by windfall tax

Ithaca Energy
Ithaca Energy is focused on the North Sea

Ithaca Energy, owner of the controversial Cambo and Rosebank oil and gas fields in the North Sea, said full-year profit slumped to $215.6 million from $1.03 billion.

It blamed impairments related to its oil and gas projects and a heavier tax bill that includes the windfall levy on energy profits.

The North Sea-focused company produced about 70,239 barrels of oil equivalent per day (boe/d) in 2023, down from record output of 71,403 boe/d the previous year but in line with guidance of between 68,000 and 74,000 boe/d.

It said Italy’s biggest energy company Eni has given it a four-week exclusivity period to make a potential offer for its UK upstream assets.

With stakes in six of the ten largest fields in the UKCS and two of UKCS’s largest pre-development fields, and with energy security currently being a key focus of the UK Government, Ithaca believes it can utilise its significant reserves and operational capabilities to play a key role in delivering security of domestic energy supply from the UKCS.

It invested $97 million in the Rosebank development project, in line with management guidance of $90-$110 million as project activity ramps up to support a targeted first oil date of 2026/27

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