FTSE 100 oil and gas producer Ithaca Energy has begun the search for a new CEO after Luciano Vasques announced plans to retire by 31 March 2027, following a period of significant expansion and transformation at the North Sea-focused group.

Vasques, 63, took charge of the enlarged business following Ithaca’s £754m all-share acquisition of almost all of Eni UK’s upstream oil and gas assets in October 2024. The combination substantially increased the company’s scale and helped secure its promotion to the FTSE 100 in September 2026.

The company has since agreed to acquire offshore Canadian assets from Suncor Energy for $860m upfront, marking a major step in its expansion beyond the UK North Sea. The assets include interests in the Terra Nova and White Rose fields offshore Newfoundland and Labrador, with production expected to contribute around 30,000 barrels of oil equivalent per day between 2027 and 2031.

The incoming CEO will inherit a business with interests in six of the ten largest producing fields on the UK Continental Shelf, as well as stakes in the undeveloped Rosebank and Cambo projects. The Aberdeen-based company expects the Canadian acquisition to support medium-term production of 140,000 to 150,000 barrels of oil equivalent per day.

Vasques said: “Following successful delivery of the Business Combination, our entry into the FTSE 100 and the establishment of a strong platform for future growth, I believe the Company is in excellent shape and that now is the right time for me to retire and hand over the reins.”

Ithaca said its board had started the succession process and would oversee an orderly handover.

Shares rose around 2% to approximately 297p on Friday.

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