Ithaca Energy May Halt UK Investment Without Rosebank Approval
On 19 October 2026, Ithaca Energy (LSE: ITH) disclosed through its chair, Yaniv Friedman, that the company could cease further investment in the United Kingdom if the government does not grant approval for the Rosebank oilfield in the North Sea. Friedman conveyed the message to the Financial Times, emphasizing the need for appropriate regulatory and political support to proceed with additional North Sea projects.
The firm’s planned $3.8 billion North Sea development has been stalled after climate activist opposition resulted in the overturning of the field’s development approval. Ithaca currently owns a 20% stake in the Rosebank field, while the remaining 80% is held by Adura, a joint venture between Equinor and Shell.
Britain’s energy minister indicated that a decision on the Jackdaw gas field is imminent, but that a ruling on Rosebank will take longer to materialise. Friedman noted that the UK is now competing with other opportunities, specifically referencing Ithaca’s recent C$1.2 billion ($850.88 million) acquisition of three offshore oil assets from Canada’s Suncor Energy.
The potential withdrawal of UK investment underscores Ithaca’s reliance on regulatory clearance for its North Sea ambitions and highlights the broader competitive landscape between the UK and Canadian offshore oil opportunities.