Ithaca Energy has reported a sharp rise in profits for 2025, while saying it could take a final investment decision on the controversial Cambo field within months as higher oil prices strengthen the case for new North Sea development.
The Aberdeen-based producer, majority-owned by Tel Aviv-listed Delek Group, said it is on track to make a final decision on Cambo within 12 months after submitting an updated field development plan in the first quarter of the year. The company said the revised plan includes project optimisations and a lower environmental impact, while efforts to secure a co-investment partner have also been stepped up.
Ithaca also said it remains on course to begin production from Rosebank, another west of Shetland project, this year or in 2027, subject to approval from the UK Government. Both schemes continue to face strong opposition from environmental campaigners, although the company argues they support long-term UK energy security.
The results show underlying annual profits rising 40% to $2 billion in 2025, up from $1.4 billion the year before . Cash generated from operations almost doubled to $1.7 billion from $0.9 billion, while average daily production increased to 119,000 barrels of oil equivalent from 80,000.
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The stronger performance has come amid a jump in oil prices following military strikes on Iran, with Brent crude climbing to about $109 a barrel from around $60 in January. Analysts warned prices could stay elevated for some time, even if tensions ease.
Executive chairman Yaniv Friedman said: “Ithaca Energy delivered another year of excellent operational and financial performance in 2025,” adding: “We enter 2026 with considerable momentum and strength.” The company also welcomed the UK Government’s planned replacement for the Energy Profits Levy, with the new windfall tax expected to apply only when oil prices are above $90 a barrel.
Ithaca said it hopes the new regime will be introduced before the current levy expires in 2030, arguing that greater fiscal certainty would support further investment in the basin. Shareholders are set to benefit as well, with the company expecting to pay out up to $520 million this year after dividends of $500 million in 2025 . Eni holds a 38% stake in the business.
