As its CEO steps down, Ithaca picks interim one

North Sea oil and gas operator and producer Ithaca Energy has decided to appoint an interim Chief Executive Officer (CEO) until its search for a new one can be completed, following the resignation of its current CEO.

According to Ithaca Energy, Alan Bruce has agreed with the board that he will step down from his role as CEO to pursue new opportunities, having led the firm through a successful IPO and first year as a listed company. As a result of Bruce’s resignation, the North Sea player’s board will kick off a formal search process to appoint a new CEO as soon as possible.

Bruce stated: “I am extremely proud of what Ithaca Energy has accomplished over the past several years, with the company now established as one of the largest independent operators in the UK.

“Having led the business through its successful IPO, I am leaving with the company in a strong financial and strategic position. I would like to thank all of the Ithaca Energy employees who have been instrumental in the company’s success to date and wish them well in the future.”

However, until a new CEO is appointed, Iain Lewis is expected to fulfill the role of interim CEO with immediate effect and continue as Chief Financial Officer (CFO), working alongside Ithaca’s Executive Chairman and the firm’s leadership team.

Gilad Myerson, Ithaca’s Executive Chairman, commented: “The Ithaca Energy board thank Alan for his hard work and strategic insight over the last two and a half years and wish him well for the future. The search for a new Chief Executive Officer will start as soon as possible.

“In the meantime, our strong leadership team will continue to manage the business, led by Iain as interim CEO, working in collaboration with myself and with the support of the board.”

Ithaca is actively working on expanding its portfolio which was demonstrated in July 2023 when the firm also signed a sale and purchase agreement with Spirit Energy Resources Limited to acquire the remaining stake in a gas discovery and three exploration licenses in the North Sea.

Following the signing of an agreement with Shell in May 2023, which defined a marketing process for the oil major’s working interest in the Cambo field, Ithaca agreed in September 2023 to acquire the remaining 30% stake in the field, consolidating its ownership to 100%.

Located in the West of Shetland region, the Cambo field is anticipated to deliver up to 170 million barrels of oil equivalent during its 25-year operational life and would also provide a further 53.5 billion cubic feet of gas.