On a rain-soaked Saturday in central London last month, thousands gathered to protest against the ongoing bombing and blockade of Gaza as well as the role perceived to be played by the UK Government in enabling the conflict. Among the demonstrators, a smaller group staged a focused protest outside the Department for Energy Security and Net Zero in Whitehall, holding a banner that demanded the defunding of what they labelled “genocide” and called for the halt of the Rosebank oilfield development. This demonstration highlighted a lesser-known but deeply contentious connection between UK fossil fuel production and profits benefiting Israeli firms linked to the government’s actions in Gaza.

The focus of the protest, Ithaca Energy, is a major player in the UK North Sea oil sector. The Aberdeen-based company holds stakes in six of the UK’s ten largest oil and gas fields and aims to become the country’s leading fossil fuel producer by the early 2030s. Recent financial disclosures revealed robust results, with first-half 2025 pre-tax profits more than doubling compared to the previous year. Ithaca Energy recently raised its production forecast for the year, expecting output between 119,000 and 125,000 barrels of oil equivalent per day, significantly up from 53,000 boepd in the prior year. This growth is largely attributable to strategic acquisitions, including Eni’s UK oil and gas assets and an increased stake in the Cygnus gas field, underscoring Ithaca’s expanding footprint in the North Sea.

Despite its industry prominence, Ithaca is controversial largely due to its majority ownership by the Israeli conglomerate Delek Group. The Delek Group is deeply intertwined with Israel’s economic and political landscape, holding extensive interests across agriculture, real estate, finance, and energy. Through its subsidiary NewMed Energy, Delek has the largest stake in the Leviathan gas field off the Israeli coast, a venture that has generated substantial revenue for the Israeli government—estimated at nearly £1 billion since production began in 2019. These revenues have recently been bolstered by a lucrative £26 billion supply deal with Egypt, securing decades of income.

Campaigners and international observers draw a direct line from these profits to funding the Israeli military operations in Gaza. A notable UN report released in June by special rapporteur Francesca Albanese accused companies involved in supplying energy to Israel of facilitating what she termed Israel’s “settler-colonial project” and implicating them in infrastructure that enables ongoing annexation and military actions causing extensive civilian harm in Gaza. Albanese’s report named Delek and Leviathan specifically, condemning business practices that appear to support the Israeli military amidst the devastating conflict following Hamas’s October 7 attacks, which killed many Israeli civilians and led to a severe military response.

Delek’s ties to the Israeli military extend beyond energy revenues. Investigations have revealed the company’s stake in a petrol station chain under contract to supply fuel to Israel Defense Forces vehicles, a deal renewed after the onset of the Gaza bombardment. Such connections have drawn international scrutiny, with the UN listing Delek among companies whose business activities in the occupied West Bank raise significant human rights concerns. These include supporting illegal settlements and exploiting natural resources in contested areas—actions deemed in violation of international law.

Further complicating the picture is Delek’s involvement in another disputed region: the Moroccan-occupied Western Sahara, where its oil and gas exploration has triggered condemnation for perpetuating another system of occupation. Human rights monitors highlight the “dangerous entanglement” between Delek’s operations across these contested territories.

The company’s founder and largest shareholder, Yitzhak Tshuva, is a key figure in this web. A Libyan immigrant turned Israeli billionaire, Tshuva is described by the Financial Times as part of Israel’s business oligarchy, with a history of close ties to the country’s defense establishment. His strategic positioning during the discovery of Leviathan and other Levant Basin fields was critical in asserting Israeli control over vast gas reserves, areas Palestinians may claim historically. Analysts argue that if Palestinians had equitable access to these resources, billions could flow to support their economy.

While the focus of controversy is often on Delek’s Middle Eastern assets, its UK operations via Ithaca are financially significant for the conglomerate. Corporate documents describe the UK business as a “growth engine,” with Tshuva sitting on Ithaca’s board and receiving substantial dividend payments—in 2024, nearly £200 million from Ithaca alone, with expectations for more if projects like Rosebank proceed. Rosebank, located 80 miles off Shetland, represents one of the last major untapped oilfields in the North Sea and is a central issue in environmental and ethical debates around UK energy production.

The project was initially approved by the previous UK Government in 2023, but a judicial review overturned the decision in January, citing inadequate assessment of the climate impacts. The Department for Energy Security and Net Zero now holds sway over Rosebank’s fate as Ithaca and its partners prepare to submit a revised application. Proponents argue that Rosebank boosts UK energy security and job creation while producing less pollution than imported oil, though critics counter that the environmental and moral costs are too high, especially given the ownership structure tied to Israeli companies involved in the Gaza conflict.

The concern over profits from North Sea oil benefiting entities associated with military conflict is not without precedent. Following Russia’s invasion of Ukraine, the UK branch of Russian state-owned Gazprom continued production, generating millions in profits, which sparked public and governmental outcry. While Delek is a private firm, campaigners demand equally stringent scrutiny.

Political responses have been cautious. At Westminster, former Shadow Chancellor John McDonnell questioned an Energy Minister about government association with Ithaca, receiving guarded replies. Opposition voices in Scotland, including former First Minister Humza Yousaf, have been more direct, condemning Delek’s involvement as integral to Israel’s “architecture of occupation” and calling on Scottish resources to not fund such entities.

Internationally, the Norwegian state-owned energy company Equinor, which holds a majority stake in Rosebank, has faced legal challenges from Greenpeace for alleged lack of due diligence regarding Ithaca’s ownership. Moreover, Norway’s sovereign wealth fund, funded by Equinor revenues, divested from Delek over human rights concerns late last year.

Ithaca Energy, for its part, emphasises its role as a major UK investor and taxpayer, listing itself on the London Stock Exchange and citing corporate governance standards. Delek Group has declined to comment on these allegations.

Back on London’s streets, activists see their causes converging. For groups like Fossil Free London, the struggles for climate justice and Palestinian rights have become inseparable, united by opposition to what they view as profits from UK fossil fuel resources underwriting military violence abroad. Their protests at Whitehall and Parliament Square reflect a growing movement demanding ethical accountability for energy production, ownership, and the broader geopolitical implications.

As the North Sea’s oil reserves dwindle after five decades of production, debates over “who profits and at what cost” reignite, with Rosebank symbolising the ethical crossroads facing UK energy policy. Whether the project proceeds or not, the protests around Ithaca Energy underscore an enduring tension between economic interests, environmental responsibility, and international human rights.

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Source: Noah Wire Services