Ithaca Energy ‘making progress’ on Cambo oil field – Daily Business

Ithaca Energy: ‘strong progress’

Oil and gas explorer Ithaca Energy said it was making “significant progress” on its controversial Cambo field West of Shetland as it awaits a decision in the next financial year.

Cambo and Tornado are moving through key regulatory and technical milestones while Rosebank, another field at the centre of the climate debate, is entering its final development stages toward first production in 2026/27.

The Cambo field holds up to 170 million barrels of oil and 53.5 billion cubic feet of gas over 25 years.

Net capital expenditure relating to the Rosebank development totalled $224 million (2024: $198 million), below the guidance range of $230 million to $270 million.

Ithaca also deepened its UKCS footprint through additional stakes in Seagull and the Cygnus gas field, while sustaining high activity across core assets to keep medium-term production above 120,000 boe/d, reinforcing its role as a key North Sea player and infrastructure partner.

In its annual results Ithaca said it had made “significant progress on the maturation of the Cambo project through key milestones toward potential FID [final investment decision] in 2026/7”, including the completion of tenders.

Profit before tax rose to $840.3m from $334.3m, while a one-off, non-cash deferred tax charge of $327.6m during the first quarter of 2025, attributed to the energy profits levy, resulted in a reported loss of $84.1m – compared to a 2024 profit of $153.1m.

There was an adjusted EBITDAX of $2.0bn (2024: $1.4bn).

The company said: “2025 has been another year of excellent operational delivery and disciplined strategic execution.

“With strong progress across all strategic pillars, the group has delivered a significant increase in our installed production capacity, both through organic and inorganic investment, at the same time building momentum in unlocking material long-term growth opportunities through the advancement of our West of Shetland development strategy.

“Together, these achievements support our vision for ‘Scale. Stability. Strength.’ and position us to maximise long-term value creation for our shareholders.”

Yaniv Friedman, executive chairman, commented: “Ithaca Energy delivered another year of excellent operational and financial performance in 2025. 

“Our acquisitions in Seagull and Cygnus contributed accretive growth, which along with organic investment in the period, achieved an exit rate of 148 kboe/d and allowed us to enter 2026 with significantly increased production capacity.

“In the West of Shetland, we saw material project activity, including at Rosebank where we are progressing in line with our development timeline towards first production in 2026/27. We also saw significant progress on the maturation of the Cambo and Tornado projects, with all activities supporting a potential FID within 12 months.

“Moving forward, as a stronger business, we are raising the targeted shareholder returns range from 15-30% to 20-35%.

“We enter 2026 with considerable momentum and strength, focused on upholding our strategic, operational and financial discipline, and well positioned to pursue value-driven growth and deliver sustainable returns.”

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