Ithaca profits hit by fall in gas prices and production

Ithaca Energy has reported a sharp decline in its interim profit, attributed to a nearly 30 percent reduction in production and falling gas prices. The company, which operates primarily in the North Sea, has adjusted its production forecast for the remainder of the year, reflecting the challenging market conditions. Despite these setbacks, Ithaca remains optimistic about its future prospects. The company is poised to complete a transformative all-share acquisition of most of Eni’s UK assets, valued at over £750 million, before the end of the year. This strategic move is expected to bolster Ithaca's position in the North Sea and is seen as a critical step towards achieving its goal of becoming the largest producer in the region by 2030. The acquisition is anticipated to enable Ithaca to increase its production capacity to over 100,000 barrels per day. Headquartered in Aberdeen, Ithaca Energy is recognized as one of the largest independent producers in the North Sea. The company made its return to the London stock market in 2022 after a period of being privately held. This latest acquisition is part of Ithaca's broader strategy to not only strengthen its domestic operations but also to explore international expansion opportunities. As Ithaca navigates these challenges, the company’s leadership remains focused on leveraging the upcoming acquisition to enhance its production capabilities and market presence in the competitive energy sector.