The Aberdeen-based firm, which is majority-owned by Tel Aviv-listed Delek Group, said it is on course to make a final investment decision on Cambo within 12 months, having submitted an updated field development plan in the first quarter of this year. The company said the revised plan reflects project optimisations and a reduction in environmental impact, and that it has reinvigorated efforts to recruit a co-investment partner for the scheme.

Ithaca also confirmed it remains on track to begin production from the Rosebank field, also west of Shetland, this year or in 2027, pending clearance from the UK government. Both Cambo and Rosebank face fierce opposition from environmental groups, though the company maintains that their development is aligned with the UK’s long-term energy security objectives.

The updates came as Ithaca reported a 40% rise in underlying annual profits to $2 billion for 2025, up from $1.4 billion the previous year. Cash generated from operations nearly doubled to $1.7 billion, from $0.9 billion in 2024. Average daily production rose to 119,000 barrels of oil equivalent from 80,000, reflecting the benefits of recent acquisitions including stakes in the Seagull oil development and the Cygnus gas field, as well as increased output from assets such as the Captain field.

The company’s results are set against a backdrop of sharply higher oil and gas prices since the United States and Israel launched military strikes on Iran on 28th February. Brent crude jumped around 6% to $109 per barrel following attacks on Iran’s South Pars gas field, compared with approximately $60 per barrel in January. Iran has responded by restricting exports through the Strait of Hormuz and targeting regional energy infrastructure. Analysts warn that prices could remain elevated for some months even if hostilities ease.

Ithaca’s executive chairman Yaniv Friedman expressed confidence in the company’s outlook. “Ithaca Energy delivered another year of excellent operational and financial performance in 2025,” he said. “We enter 2026 with considerable momentum and strength.”

The company also welcomed greater fiscal clarity from the UK Government, pointing to Chancellor Rachel Reeves’s announcement of a successor regime for the North Sea windfall Energy Profits Levy. Under the new arrangements, the windfall tax rate would apply only when oil prices exceed $90 per barrel. Ithaca is pressing for the new regime to be introduced before the current levy’s scheduled expiry in 2030, arguing this would stimulate further investment in the basin.

Shareholders are set to benefit from the strong performance, with Ithaca expecting to pay out up to $520 million in the current year, following dividends totalling $500 million in 2025. Italian energy giant Eni holds a 38% stake in the company.