Ithaca has confirmed the beginning of construction work on Rosebank - the largest undeveloped oil and gas field in the UK - and revealed it plans to bring in a new partner for its Cambo project to the west of Shetland.
The oil and gas producer - which owns a 20% stake in the Rosebank North Sea field - revealed the news as it announced its results for the three months to March 31 2025.
In March chancellor Rachel Reeves revealed the Jackdaw and Rosebank fields, which had been held up by a lengthy legal challenge, would get the government consents needed to progress.
A statement from Ithaca said: "Rosebank development project progressing as planned to multi-year development timeline with 2025 Subsea infrastructure installation campaign commencing in April 2025.
"Cambo project technical refresh nearing completion, utilising technical capabilities of Eni, and supporting farm-out process and progression towards Final Investment Decision, subject to fiscal and regulatory certainty."
Executive chairman Yaniv Friedman, said: “Our Q1 results demonstrate the transformational nature of the Eni UK combination, the successful integration, and operational efficiency across the portfolio.
“In the period we increased our interest in the high-quality, long-life Seagull asset to 50% via the acquisition of JAPEX UK, in line with our low-risk inorganic strategic growth ambitions.
“Yesterday, we announced a further acquisition of a 46.25% stake in the Cygnus field from Spirit Energy taking our operated working interest to 85%, increasing the gas weighting of our portfolio and strengthening our position as one of the largest gas producers in the UKCS.
“With a strong balance sheet, a record quarterly EBITDAX of $653.2 million and material hedging in place through to 2027, we are well placed to continue to grow the business and support shareholders through continued shareholder returns.”