One of the largest oil and gas producers in the North Sea, which was recently promoted to the FTSE 100, is to part company with its boss.
Ithaca Energy, which holds a 20% stake in the controversial Rosebank oil field, said Luciano Vasques is stepping down after leading the company through what it described as a “transformational time”. The business has begun looking for a new chief executive.
Mr Vasques, who intends to retire from Ithaca on March 31, oversaw a series of milestones during his tenure. He became chief executive in October 2024 when Ithaca completed its transformational combination with the upstream oil and gas assets of Italian energy giant Eni UK. He subsequently led Ithaca through its $193 million acquisition of JAPEX UK E&P, which increased the company’s stake in the North Sea’s Seagull field from 35% to 50%. The deal was announced in March 2025 and completed in July. Ithaca later acquired an additional 46.25% stake in the Cygnus gas field from Spirit Energy for £116m, lifting its operated interest to 85%. It was also promoted to the FTSE 100 for the first time last month.
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At the start of October, the company said it had entered a “new growth era” after agreeing a $860m deal to acquire a portfolio of offshore oil assets in shallow waters off the east coast of Newfoundland and Labrador, Canada.
News of Mr Vasques’s departure comes during a period of heightened debate over the future of the North Sea. Prime Minister Andy Burnham is under increasing pressure to decide whether to allow drilling to proceed at Rosebank, in which Ithaca holds a 20% non-operated interest, and at projects including Jackdaw. Adura, which was formed through the merger of Shell’s and Equinor’s offshore UK oil and gas assets, holds an 80% stake in Rosebank and is the field’s operator.
Mr Vasques said: “Following successful delivery of the business combination, our entry into the FTSE 100 and the establishment of a strong platform for future growth, I believe the Company is in excellent shape and that now is the right time for me to retire and hand over the reins. I look forward to supporting an orderly transition and watching Ithaca continue to thrive.”
Yaniv Friedman, executive chairman of Ithaca Energy, said: “I would like to share my thanks to Luciano for his support during what has been a transformational time for the company, including the successful integration of Eni UK. Together, we have built a combined culture we can all be proud of. I know I speak for everyone in wishing him the very best for a long, happy and well-deserved retirement.”