(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
Ithaca Energy Increases Production Outlook Following Cygnus Acquisition
(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)
