Ithaca Energy May Stop UK Investment Without Rosebank Approval, Report Says

3-line summary

• Ithaca Energy chairman Yaniv Friedman told the Financial Times the company would likely halt further UK investment if the government does not approve the North Sea Rosebank oil field, whose development approval was quashed following opposition from climate activists and remains stalled; the UK energy minister said last week a decision on the Jackdaw gas field was imminent but Rosebank would take longer.
• Friedman said Ithaca wants to invest further in the North Sea but needs adequate regulatory and political support, echoing concerns previously raised by rival Equinor, and noted the UK is competing with other investment opportunities including Canada.
• Ithaca holds a 20% stake in Rosebank, with the remainder held by Adura, a joint venture between Equinor and Shell; Ithaca has invested $3.8 billion in North Sea development and separately acquired three Suncor Energy overseas oil assets for C$1.2 billion (about $850.88 million).

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