Ithaca Energy eyes first oil production in 2026 from Rosebank field in UK North Sea

(WO) – Ithaca Energy, a UK independent exploration and production company, provided an unaudited trading update for Q4 2023, ahead of announcing its Full Year Results in March 2024.

In 2023, Ithaca reported full year production of over 70,000 boed. This success is underpinned by high levels of production efficiency across the operated asset base of 84%. Production was split by 66% liquids and 34% gas.

Ithaca reported an estimated 2023 net Rosebank capital spend of $97 million, in line with management guidance of $90 - $110 million. This reflects the meaningful activity in 2023 as project activity ramps up to support a targeted first oil date in 2026/27.

Gilad Myerson, Executive Chairman, commented, “I am pleased to report a strong set of 2023 results, with trading in line with guidance. We have made significant progress across our strategic objectives in 2023, delivering against our BUY, BUILD and BOOST strategy, including the milestone sanctioning of the Rosebank development.”

Ithaca Energy is a UK independent exploration and production company focused on the UK North Sea. In recent years, the company has been focused on growing its portfolio of assets through both organic investment programs and acquisitions and has seen a period of significant M&A driven growth centered upon two transformational acquisitions in recent years. Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the “UKCS”), ranking second by resources.

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, the group believes it can utilize its significant reserves and operational capabilities to play a key role in delivering security of domestic energy supply from the UKCS.

Lead image: The FPSO unit for Rosebank, Petrojarl Knarr. (Photo: Altera/Norske Shell)