Ithaca Energy chief executive to retire

UK North Sea oil and gas producer Ithaca Energy has launched a search for a new chief executive after Luciano Vasques announced plans to retire by March 31, 2027.

The company said its board has begun identifying a successor, with a further announcement to follow in due course to allow an orderly transition of responsibilities.

Vasques has led Ithaca Energy since October 2024, when he took the helm following the company’s transformational combination with Eni’s UK upstream oil and gas business.

His departure comes after a period of significant expansion for the London-listed producer, including its entry into the FTSE 100 index in September this year.

“I believe the Company is in excellent shape and that now is the right time for me to retire and hand over the reins,” Vasques said.

The leadership change also comes shortly after Ithaca announced a $860m deal to acquire offshore oil assets in eastern Canada from Suncor Energy, with up to $250m in additional payments linked to oil prices. The transaction, expected to close in the first half of 2027, marks the company’s first international acquisition.

Vasques joined Ithaca after serving as managing director of Eni UK, where he oversaw the acquisition and integration of Neptune Energy’s UK business.

Before that, he headed Eni’s Central Asia operations, overseeing the Italian energy major’s interests in Kazakhstan’s giant Kashagan and Karachaganak oil and gas fields.

The industry veteran has more than 30 years of experience in technical, operational and executive roles. He also serves on the board of Offshore Energies UK, the country’s offshore industry body.

Follow Us