Management reshuffle as Ithaca Energy’s deal with Eni nears

Ithaca Energy has announced several changes to its management and executive team as part of the deal for Eni’s UK mining assets.

The merger, announced on April 23, should create a company with the largest resource base in the British North Sea, which will generate a total dividend of $500 million in 2024 and 2025.

The management board, which consulted the company’s majority shareholder and Eni when making the decision, believes that the new appointments will strengthen its leadership.

Gilad Myerson is to step down as Executive Chairman and will be succeeded by Dave Blackwood, who will become interim non-executive Chairman, after which it will be proposed to appoint Yaniv Friedman as Executive Chairman, once all formal conditions for his appointment have been met

Upon completion of the business combination, Luciano Vasques will take over as CEO and interim CEO Iain Lewis will return as CFO.

Odin Estensen will become the new chief operating officer and Zvika Zivlin will be appointed senior independent director, as announced on May 16.

Myerson contributed to the development of Ithaca Energy, significantly increasing its footprint, production, reserves and cash flow through the integration of Chevron North Sea, the acquisitions of Mitsui UK, Marubeni UK, Summit E&P and Siccar Point Energy, as well as sanctioning the development of Rosebank and its listing on the London Stock Exchange Securities.

He will be available as an advisor for a limited time if needed.

Blackwood joined the board in October 2022 as a non-executive director and chair of the health, safety, environment and safety committee after a 47-year career in the energy sector, including leading BP’s upstream business in the UK and Norway.

Vasques’ career spans over 30 years and includes a number of managerial, technical and operational positions. He currently serves as Managing Director of Eni UK and led the recent acquisition and integration of Neptune Energy into its business. He previously served as Eni’s head of Central Asia, overseeing interests in two giant oil and gas fields, Kashagan and Karachaganak.

Meanwhile, Estensen has over 35 years of experience in the oil and gas sector and joins Ithaca from Neptune Energy, where he served as managing director of its Norway and UK operations.