Ithaca Energy posted record quarterly production in the second quarter and said the controversial Rosebank field west of Shetland is expected to deliver first oil in the first half of next year, subject to government approval.
The company reported improved operating costs and robust cash flow for the first half and said it enters the second half of 2026 from a position of “significant strength”.
Rosebank, in which it holds a 20% stake, continues to advance towards the final stages of execution, it said. The operator – Adura – has narrowed its expected first production window to the first half of 2027, with production anticipated to ramp up to plateau levels from summer 2027, in line with project delivery expectations and subject to regulatory approvals.
Net capital investment in the Rosebank development totalled $120 million (H1 2025: $130 million) as the project continued to progress through its final stages of execution ahead of first production.
Executive chairman, Yaniv Friedman, commented: “Ithaca Energy delivered another strong quarter and first half performance in 2026, demonstrating the strength of our business.
“Record quarterly production in Q2, continued safe and efficient operations, robust cash generation and disciplined capital allocation have enabled us to reaffirm full year production guidance, reduce operating cost guidance and increase our dividend outlook for the year.
“We have also continued to execute against our strategy, strengthening our balance sheet, extending our hedge position and advancing a material pipeline of organic growth opportunities across our portfolio.
“With Rosebank progressing towards first production, Cambo advancing through key development milestones and continued investment in high-return, short-cycle opportunities across our producing assets, we remain focused on maximising long-term value creation and delivering attractive, sustainable returns for our shareholders.”
The Rosebank field is located approximately 80 miles north-west of the Shetland Islands. The field was discovered in 2004 and has since been appraised with five wells. The field is operated by Adura (80.0%) with Ithaca Energy holding a 20% non-operated interest. Ithaca Energy’s interest was acquired through its acquisition of Siccar Point Energy in June 2022.
Rosebank has recoverable resources estimated at around 300 million barrels of oil from phase 1 and 2, with Phase 1 targeting an estimated 245 million barrels of oil.
The field will be developed with subsea wells tied back to a redeployed Floating Production Storage and Offloading vessel (FPSO), with first production expected in 2026-2027. The Rosebank field will produce in excess of 21 MMSCF of natural gas every day, the equivalent to the daily use of Aberdeen City.
Ithaca recorded profit before tax for the period of $494 million (H1 2025: $513 million). A first interim 2026 dividend of $255 million has been declared representing a dividend per share of $0.1542.
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