Ithaca Energy has begun the search for a new chief executive after Luciano Vasques told the board he will be retiring at the end of March.
Mr Vasques has served as CEO since October 2024 and will leave after developing the company into one of the North Sea’s biggest players with stakes in six of the ten largest fields in the UK North Sea and two of largest developments, Rosebank and Cambo.
He recently led its move into Canada with the $860 million acquisition of a portfolio of offshore oil assets off the East Coast of Newfoundland and Labrador. It was its first overseas acquisition.
The transaction would make it the fifth-largest operator offshore Canada and provide a platform from which it could pursue further acquisitions and organic development opportunities in North America
Announcing his decision today, Mr Vasques commented: “Following successful delivery of the Business Combination, our entry into the FTSE 100 and the establishment of a strong platform for future growth, I believe the company is in excellent shape and that now is the right time for me to retire and hand over the reins. I look forward to supporting an orderly transition and watching Ithaca continue to thrive.”
Yaniv Friedman, executive chairman, commented: “I would like to share my thanks to Luciano for his support during what has been a transformational time for the company, including the successful integration of Eni UK.”
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