THE chief executive of the oil and gas company which is looking to bring the controversial Cambo discovery west of Shetland into production has quit the role with immediate effect.

Ithaca Energy, which holds a 100% interest in the undeveloped Cambo field and a string of other major North Sea assets, said Alan Bruce has stepped down “to pursue new opportunities”.

It said Mr Bruce has agreed to vacate the role after steering the company through its stock initial public offering (IPO) and first year of trading as a listed company. Ithaca was valued at nearly $3 billion when its shares debuted on the London stock exchange in November 2022.

During Mr Bruce’s tenure, Ithaca steadily increased its presence in the North Sea through a string of acquisitions. The company bought into Cambo with its $1.5bn acquisition of Siccar Point Energy in July 2022, and now has full ownership of the field, after acquiring a 30% stake previously held by Shell in September.

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Cambo is anticipated to deliver up to 170 million barrels of oil equivalent during a 25-year operational lifespan. But plans to bring the field into production have been fiercely opposed by environmental campaigners as well as the SNP, with previous First Minister Nicola Sturgeon having declared her opposition to its development when the COP26 climate change conference was held in Glasgow in 2021.

Ithaca also owns a 20% stake in the Rosebank field, one of the other largest undeveloped finds in the North Sea. It announced in September that a final investment decision had been taken with operator Equinor to progress phase one of the Rosebank development. The partners are investing $3.8bn in the project.

Ithaca said yesterday that chief financial officer Iain Lewis would additionally take on the role of interim chief executive until a successor for Mr Bruce is found. It told the City that it will progress with a formal search process for a new chief executive as soon as possible.

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Mr Bruce said: "I am extremely proud of what Ithaca Energy has accomplished over the past several years, with the company now established as one of the largest independent operators in the UK.

"Having led the business through its successful IPO, I am leaving with the company in a strong financial and strategic position. I would like to thank all of the Ithaca Energy employees who have been instrumental in the company's success to date and wish them well in the future.”

Ithaca executive chairman Gilad Myerson said: “The Ithaca Energy board thank Alan for his hard work and strategic insight over the last two and a half years and wish him well for the future.

“The search for a new chief executive officer will start as soon as possible. In the meantime, our strong leadership team will continue to manage the business, led by Iain as interim CEO, working in collaboration with myself and with the support of the board."

Shares in Ithaca ended the down 1p, or 0.7%, at 142.2p.