• Ithaca starts restructuring process that will involve job cuts
• 2025 production expected between 105,000 and 115,000 boepd
• Declares interim 2024 dividend of $200 million

March 26 (Reuters) - North Sea oil and gas group Ithaca Energy (ITH.L) , opens new tab has launched a restructuring process that it expects to lead to job cuts, it said on Wednesday.

The process, which follows the completion of Ithaca's acquisition of Eni's (ENI.MI) , opens new tab UK assets, is expected to be completed by July 1, it said. It has not disclosed the exact number of jobs that will be affected.

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Ithaca bought nearly all of Eni's UK oil and gas producing assets last year in an all-stock deal worth around 754 million pounds ($975.8 million), with an aim to become one of the biggest independent North Sea energy companies.

The deal allowed Ithaca to forecast higher production for 2025. The London-listed company said on Wednesday it expects full-year 2025 output in the range of 105,000-115,000 barrels of oil equivalent per day, above last year's 80,200 boepd.

Its 2024 production was about 14% higher than in the previous year, and Ithaca also declared an interim dividend of $200 million to be paid in April.

On Tuesday, Ithaca also said it would acquire Japan Petroleum Exploration's (Japex) (1662.T) , opens new tab North Sea business for $193 million.

Beyond 2025, the group expects to maintain production above 100,000 boepd in the medium-term from its existing producing asset base and the start-up of the Rosebank development in the North Sea.

Its 2024 profit after tax fell to $153.2 million from $292.6 million a year earlier, largely due to a higher tax burden in 2024.

Last year the UK's Labour government increased the energy profits levy, raising the headline tax rate on oil and gas activities to 78%, one of the highest rates globally.

In 2025 Ithaca expects to make cash tax payments in the range of $235 million to $265 million, primarily driven by the profits levy.

https://www.reuters.com/business/energy/ithaca-energy-expects-higher-production-2025-2025-03-26/