Ithaca Energy, owned by Israel’s Delek Group since 2017, is a major operator in the North Sea, producing around 60,000–70,000 barrels of oil equivalent (boe) daily. Headquartered in Aberdeen, it holds stakes in key fields like Cambo and Rosebank.
Rosebank, Britain’s largest untapped oil field (estimated 500 million boe), is exploited by Ithaca, with a 20% stake, and Norway’s Equinor (80%). Approved by the British government in September 2023, the project will emit over 200 million tonnes of CO2 across its lifetime. While Ithaca’s North Sea gas feeds into Britain’s pipelines, Rosebank’s oil is primarily for export, with 80% shipped to international refineries.
Under the ‘Investment Allowance’ scheme, Equinor and Ithaca Energy committed to investing $3.8bn (approximately £3.1bn) in Phase 1 of the Rosebank development, which would generate £2.8bn in tax relief. The British public is estimated to effectively carry 84% of the cost of developing Rosebank, while the field’s owners stand to benefit from significant tax breaks and massive profits. The British government’s approval of the Rosebank oil field in September 2023 was also ruled unlawful by Scottish courts in January 2025, on the basis that it had failed to consider the plant’s full environmental impact. The development of the oil field does, however, have the backing of Unite, whose secretary general Sharon Graham has expressed the union’s ‘100% support’ for Rosebank in order to protect oilfield workers’ jobs at all costs.
Ithaca’s expansion is in contradiction with Britain’s stated climate pledges. The International Energy Agency warned that no new oil fields can be developed to limit warming to 1.5°C. Despite this, Ithaca acquired a 70% stake in the Cambo field (800 million boe) in 2022. Britain’s North Sea Transition Authority continues licensing new projects, prioritising profits over its 2050 net-zero target.
Delek’s ownership ties Ithaca to Israel’s energy sector. Delek controls the Leviathan gas fields in the eastern Mediterranean, which are off the coast of Lebanon and Occupied Palestine. Delek also holds stakes in the Gaza Marine gas field, which contains an estimated 1 trillion cubic feet of gas and has been blockaded by Israel since 2007. In addition to operating in occupied Palestinian land Delek and its subsidiaries have also supported Israeli military operations by providing fuel to IDF vehicles. Delek’s operations directly align with Israel’s occupation and settler colonial policies.
Bruno Antonio
FIGHT RACISM! FIGHT IMPERIALISM! 305 April/May 2025
