Ithaca Energy to Cut Jobs While Boosting 2025 Production Outlook

As Ithaca Energy operates as a North Sea oil and gas business they announced workforce cuts alongside their decision to expand production after buying holdings from Eni UK and Japex North Sea. The company aims to decrease its staff count and plans to boost annual production numbers from 80,200 boepd to between 105,000 and 115,000 boepd.

The London-based business plans to distribute $200 million as its interim dividend to shareholders starting in April with a fixed $500 million dividend payment goal for 2025. After completing the Eni UK asset acquisition last year Ithaca secured major North Sea energy independence through its growth strategy. The company revealed it will reduce a minor part of its staff numbers upon finishing the Eni acquisition.

The UK energy profits levy raises tax pressure, but Ithaca believes these challenges will not stop its growth. With its present facilities and the developing Rosebank field in the North Sea the company aims to keep oil production over 100,000 barrels per day for the next few years. Through strategic purchases and company reorganization, Ithaca Energy wants to operate stronger in an energy marketplace that poses challenges.