Rosebank oil field firm generates $1 billion cash from North Sea operations in six months as it bids to acquire BP operations in the area

A North Sea oil giant has provided further evidence of how much money firms are making in the area, which industry leaders claim has been made uninvestable by the windfall tax.

Israeli-owned Ithaca Energy posted a $1 billion (£0.7bn) first half profit last week and promised a bonanza for shareholders.

The results highlight the scale of the boost to profits that North Sea firms have enjoyed following the surge in oil and gas prices triggered by the US-Israeli war on Iran.

This has left consumers across the world facing sharp increases in the costs of energy and other essentials.

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The headline rate of inflation in the UK rose to a four-month high of 2.9% in July, from 2.6% in the preceding month. The rise came after the energy regulator increased the cap on domestic prices by 13% from July citing the rise in wholesale gas prices. The increase added an average £18 per month to household bills.

The head of the Unite trade union, Sharon Graham, lamented last week: “Once again, the cost-of-living crisis is being driven by soaring energy prices.

"We need common sense solutions to this market madness – proper price caps and public control.”

Against that backdrop, Ithaca’s update will provide prime minister Andy Burnham lots to think about in his second........

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