The company confirmed it will spend the money in an oil field south-east of Peterhead.
Commenting, Banff & Buchan MP Eilidh Whiteford said:
“It is extremely encouraging that Canadian energy firm Ithaca is investing in Scotland’s oil assets.
“Countries from around the world acknowledge the potential Scotland has, which was reflected in the outstanding year the oil and gas industry had in 2012, with a predicted £11.5billion of investment and jobs and investment announced.
“There are 24 billion barrels of oil still to be recovered in the North Sea, with a wholesale value of £1.5 trillion.
“Scotland’s North Sea resources are fantastic assets which will benefit an independent Scotland for generations.
“It is only with a Yes vote in 2014 that will allow us to build a lasting economic legacy from our offshore resources that will benefit Scotland for generations to come.”