Luciano Vasques, CEO of Ithaca Energy, has announced that he will retire by March 31, 2027. This news comes as the company is seeking a successor for him, and the board is identifying suitable options for this key position.
Vasques' Leadership Era
Vasques has been at the helm of Ithaca Energy since October 2024, leading a transformative period for the company. He oversaw the merger of the company with Eni's upstream sector in the UK, managing significant structural changes that helped the company achieve a higher standing in the oil and gas industry.
Read more: Exploratory Successes and Assessments of Murphy Oil in Africa and Vietnam
Strategic Steps and International Development
Vasques' management has seen significant expansions for Ithaca Energy, including its entry into the FTSE 100 list this September. Additionally, the company recently announced an $860 million agreement to acquire oil assets in Eastern Canada from Suncor Energy. This deal, expected to close in the first half of 2027, marks Ithaca Energy's first international acquisition.
Vasques stated, "I believe the company is in a very good position, and now is the right time to retire and pass responsibilities to a new individual." Before joining Ithaca Energy, he was responsible for Eni's operations in Central Asia, overseeing the company's interests in major oil fields such as Kashagan and Karachaganak.
With over 30 years of experience in technical, operational, and executive roles, Vasques also serves on the board of Offshore Energies UK, the country's marine industry body. This leadership change may have significant impacts on Ithaca Energy's future strategies, particularly regarding international expansions and investments in new oil and gas projects.
Read more: Reach Subsea Announces Extension of Deep Cygnus Subsea Vessel Contract · Zamil Offshore Saudi Arabia Signs Contract with Kongsberg for Diving Support Vessel Design
