Published by Global Banking & Finance Review®
Posted on May 21, 2025
1 min readLast updated: January 23, 2026
Add as preferred source on GoogleIthaca Energy raises its annual production forecast after acquiring a larger stake in the Cygnus gas field, boosting UK energy security.
(Reuters) -North Sea oil and gas company Ithaca Energy on Wednesday raised its full-year production forecast to reflect its increased stake in the Cygnus gas field.
The company now expects full-year production of 109 to 119 thousand barrels of oil equivalent per day (kboe/d) from an earlier estimate of 105 to 115 kboe/d.
Ithaca Energy acquired an additional 46.25% stake in the Cygnus, the largest UK Continental Shelf gas field and a key contributor to the UK's energy security, from Centrica on May 20.
The Aberdeen-based company has significantly expanded its portfolio by buying stakes in several key oil and gas producing fields in recent years, with the acquisition of Eni's UK assets in 2024 being the biggest till date.
Ithaca reported a rise in first-quarter production to 127.4 kboe/d from 58.7 kboe/d a year earlier.
(Reporting by Nithyashree R B; Editing by Sonia Cheema)
Ithaca Energy now expects full-year production of 109 to 119 thousand barrels of oil equivalent per day, up from an earlier estimate of 105 to 115 kboe/d.
Ithaca Energy acquired an additional 46.25% stake in the Cygnus gas field, which is the largest UK Continental Shelf gas field.
Ithaca reported a rise in first-quarter production to 127.4 kboe/d, significantly up from 58.7 kboe/d a year earlier.
The Cygnus gas field is a key contributor to the UK's energy security, making Ithaca Energy's acquisition significant for the region.
Ithaca Energy has expanded its portfolio by acquiring stakes in several key oil and gas producing fields, including Eni's UK assets in 2024.
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