Profits soared at Ithaca Energy as it prepares to list in London.
The North Sea oil producer – owned by Israeli energy and infra- structure group Delek – saw profits rise to £1.45billion in the first six months of the year.
This was around 570 per cent higher than the same period of 2021.
Cashing in: North Sea oil producer Ithaca Energy – owned by Israeli energy and infrastructure group Delek – saw profits rise to £1.45bn in the first six months of the year
Ithaca’s earnings were boosted by a surge in oil and gas prices triggered when the pandemic began to ease and spurred further when Russia invaded Ukraine in February.
Delek is expected to float the firm later this year – but no date has been confirmed and it is not clear what the company’s value will be.
Meanwhile Liz Truss, frontrun-ner in the race to be prime minister, has said she would push for more oil drilling in the North Sea if she wins the Tory leadership race.
Pressure is mounting on the Government to wean the UK off foreign oil and gas imports.
Ministers have been meeting oil and gas firms to discuss how to secure supplies for the winter amid fears the energy price cap could spiral to £7,700 next year.
