Ithaca Energy announced Friday that Chief Executive Officer Luciano Vasques intends to retire by March 31, 2027, marking a leadership transition for the UK oil and gas producer as it pursues an ambitious international expansion strategy.

The company’s board has initiated a search for his successor, with plans to announce an appointment ahead of the transition.

Vasques’ planned departure follows a period of significant corporate transformation, including Ithaca’s combination with Eni’s UK upstream operations in October 2024 and its subsequent inclusion in the FTSE 100 index in September 2026.

Vasques became CEO following the Eni UK combination, having previously served as managing director of Eni’s UK business. His tenure has focused on integrating the companies’ offshore portfolios and positioning Ithaca as one of the leading independent producers in the UK North Sea.

Executive Chairman Yaniv Friedman acknowledged Vasques’ contribution to the integration and development of the enlarged business, while the outgoing CEO indicated that the company’s strengthened position made this an appropriate time for a leadership transition.

The announcement comes less than two weeks after Ithaca unveiled a major acquisition that could substantially expand its operations beyond the UK Continental Shelf.

On October 5, the company agreed to acquire offshore oil assets in eastern Canada from Suncor Energy for $860 million in upfront cash, with potential additional payments of up to $250 million linked to oil prices.

The transaction includes interests in the Terra Nova and White Rose offshore developments near Newfoundland and Labrador, adding approximately 103 million barrels of oil equivalent in proved and probable reserves.

Ithaca expects the Canadian assets to contribute an average of approximately 30,000 barrels of oil equivalent per day between 2027 and 2031, supporting its medium-term production outlook of 140,000 to 150,000 boe/d.

The acquisition is expected to close in the first half of 2027, subject to regulatory approvals, potentially placing its completion shortly after Vasques’ departure.

For investors, the leadership change comes at an important stage in Ithaca’s evolution from a UK-focused offshore producer into an international exploration and production company.

The next chief executive will inherit a substantially enlarged asset portfolio and oversee the company’s efforts to integrate its Canadian operations, deliver production growth and maintain shareholder distributions.

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