Ithaca Energy has reported a strong start to 2026 as it looks to advance more than 200 million barrels of new North Sea resources towards potential investment decisions, including the Cambo field.
The energy giant achieved record quarterly production in Q2 of 131 kboe/d, reaffirming its full year guidance, and announced an upgraded dividend guidance of $500-530million for FY 2026, with first interim dividend of $255million declared today.
The results, posted this morning, also provide an update on Rosebank, which is entering its final execution phase with the operator narrowing the first production window to H1 2027.
Ramp up to production plateau is then expected through the summer of 2027.
Cambo has also now entered the value engineering and pre-execution phase moving the project towards sanction in 2027.
Including Rosebank and Cambo, Ithaca is advancing more than 200 million barrels of oil equivalent of organic growth opportunities towards potential investment decisions in 2026 and 2027.
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."