Dave Blackwood, the former head of BP’s Aberdeen-based North Sea business, was today named interim chairman of oil and gas firm Ithaca Energy.
Mr Blackwood, 70, will remain in the post in a non-executive capacity until a permanent successor to Gilad Myerson is formally appointed.
Mr Myerson, whose exit was also announced today, was Aberdeen-based Ithaca’s executive chairman.
New executive chairman and CEO on their way to join Ithaca’s boardroom team
Yaniv Friedman, currently chief executive of Israeli company Modin Energy, is expected to take over as executive chairman of Ithaca in the coming weeks. Ithaca said this should happen once all formal conditions of his appointment have been satisfied.
The company added: “Yaniv has significant global executive experience working in the energy and infrastructure sectors, and brings considerable strategic, commercial, public company and M&A (mergers and acquisitions) expertise.”
Among other changes in Ithaca’s top level shake-up Luciano Vasques is expected to become chief executive on completion of the company’s “business combination” with the UK assets of Italy’s Eni.
Mr Vasques, 61, is currently managing director of Eni UK and led the recent acquisition and integration of Neptune Energy into its operations.
He “brings a wealth of executive and energy industry experience”, Ithaca said.
The firm pointed to his career spanning more than 30 years covering a range of leadership, technical and operational roles.
Mr Blackwood is a well-kent face in the north-east. He retired from BP in 2009.
He joined Ithaca’s board in October 2022 as non-executive director and chairman of the company’s health, safety, environmental and security committee after a distinguished career spanning 47 years in the global energy sector.
Ithaca said: “Dave brings considerable leadership and board experience, and a deep understanding of the oil and gas industry, with significant technical and commercial expertise.”
Ithaca’s ‘transformational’ deal
The new leadership team is expected to deliver Ithaca’s next phase of growth following its “transformational business combination”.
Its deal with Eni, announced on April 23, will create a UK North Sea powerhouse.
Expected to completed in the third quarter of this year, it will initially deliver production of 100,000-110,000 barrels of oil equivalent (boe) per day, thanks to stakes in six of the UK’s 10 biggest oil and gas fields.
But it is thought this could soar to 150,000boe per day by the early 2030s.
Ithaca has said this will see it leapfrogging Harbour to become the UK’s top producer.
Other changes will see Iain Lewis returning to his role as chief financial officer following his spell as interim chief executive and Odin Estensen taking over as CFO.
Mr Blackwood said: “The board thanks Gilad for his strategic insight and leadership over the last four years.
“The transformational… combination with Eni’s UK business marks an appropriate time to change the executive leadership of the company and we wish him well for the future.”
He added: “The proposed appointment of Yaniv will further support the company’s international growth aspirations, building on his demonstrable global commercial and leadership track record in the sector.
“Luciano’s sector and integration experience will be critical for the company as we continue to pursue organic growth from our high-value development portfolio and successfully deliver the many growth opportunities of the business combination.”
Mr Myerson said: “I am extremely proud of what Ithaca Energy has achieved during my tenure at the company. The recent announcement of the business combination… is transformational and I am pleased to have led the company through to this significant milestone.”
Meanwhile, first quarter results from Ithaca – whose current projects include the giant Rosebank development west of Shetland – revealed production of 58, 700boe per day during the three months to March 31.
Stripping out exploration costs, adjusted earnings before interest, taxes, depreciation, and amortisation for Q1 2024 totalled £265.4 million – down from £405.6m a year ago.
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