Ithaca Energy, one of the biggest independent oil and gas companies in the UK North Sea, raised its 2025 production guidance for the second time this year, on the back of a strong first-half performance.
Following average production of 123,600 barrels of oil equivalent per day (boe/d) for the first half of the year, Ithaca Energy on Wednesday upgraded its full-year production range to 119,000–125,000 boe/d from 109,000-119,000 boe/d previously expected.
Ithaca Energy has more than doubled its oil and gas production and became the largest oil and gas resource holder in the UK North Sea following the acquisition of Eni’s UK business last year.
The UK-based firm has continued to pursue M&A activity aligned with its strategy to seek low-risk consolidation in its core UKCS basin. Bolt-on acquisitions have increased Ithaca Energy’s ownership stakes in key assets across the portfolio.
“The Group continues to maintain an active but patient pursuit of M&A opportunities both in the UKCS and globally, in line with its focused international expansion strategy,” the company said.
In recent months, Ithaca Energy has completed the acquisition of Japex UK E&P, which raised its stake in the long-life Seagull field from 35% to 50%, and boosted its stake in the high-margin, low-emission operated Cygnus gas field, adding additional gas production to its portfolio.
Ithaca Energy ranks as the second largest UK independent producer by output, with the largest resource base. The company holds stakes in six of the ten largest fields in the UK Continental Shelf and two of the UKCS’s largest pre-development fields.
Ithaca holds a stake in the controversial Rosebank oilfield operated by Equinor, which now has to submit anew an updated application following new emissions guidance for UK oil and gas projects. The application is expected to be submitted in the second half of the year, with a view to securing revised consents in 2026.
Project activity at Rosebank is ramping up in preparation for key project milestones across its multi-year development program, with a target for first production in 2026/27, Ithaca Energy said today.
By Tsvetana Paraskova for Oilprice.com
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