The floating production, storage and offloading (FPSO) vessel for the Rosebank oilfield development is scheduled for sail away in the first quarter of this year. This milestone supports the project's progression towards a planned start of production between late 2026 and early 2027, pending the UK Energy Secretary's approval of a new development consent. The original consent was quashed last year due to a legal challenge on emissions grounds, and the industry is closely watching the government's decision to see if its softened stance on new developments will materialize.

Ithaca Energy's Operational and Financial Performance

Ithaca Energy reported significant operational growth in 2025. Full-year production averaged 119,000 barrels of oil equivalent per day (boepd), an increase from 80,000 boepd in 2024 and in line with guidance. Production reached approximately 148,000 boepd by year-end, boosted by new wells at the Cygnus, Seagull, and J Area assets. The company expanded its portfolio through the acquisitions of Japex and Spirit Energy, and by increasing its stakes in the Seagull and Cygnus fields.

Reserves and Financial Metrics

Financially, the company's adjusted earnings (EDITDAX) rose to $2 billion in 2025 from $1.4 billion the previous year. Lifting costs decreased to $19 per boe from $22 per boe. Capital expenditure for net producing assets was $629 million, at the lower end of guidance, reflecting targeted investments in high-return wells and efficiency projects. Proven-plus-probable reserves stood at 350 million boe with a reserves replacement ratio exceeding 130%, and best-estimate contingent resources were over 300 million boe. The company paid a $133 million dividend in December and reaffirmed its $500 million dividend target for 2025.