Ithaca Energy pursuing FID on Cambo oil and gas project in UK’s Shetland region

Ithaca Energy continues to progress studies on the deepwater Cambo oil and gas field development 80 miles northwest of the Shetland Islands, according to its full-year 2025 results.

The company is targeting a potential FID either later this year or in 2027, drawing on the technical capabilities of part-owner Eni.

Earlier this year, Ithaca supported an updated field development plan and environmental statement to the UK’s North Sea Transition Authority (NSTA).

It has also completed tenders for the engineering, procurement, construction and commissioning (EPCC) of the planned Sevan-design circular FPSO and the general engineering, procurement, construction and installation (EPCI) process.

Cambo, discovered by Amerada Hess in 2002, is about 20 miles south of the current Adana-operated Rosebank project, in which Ithaca is also a partner, and 20 miles north of the bp-operated Schiehallion Field.

The Cambo Field is a large basement high overlain by sedimentary sequences atop, and sitting on the Corona Ridge structural feature. Ithaca holds a 100% operated interest though its acquisition of Siccar Point Energy in June 2022, and the remaining 30% held by Shell in November 2023.

The development will be purpose-built to be electrification-ready, and the FPSO’s equipment will be designed to operate without a need for routine flaring or venting of hydrocarbons.  

In a recent results statement, Ithaca revealed it had secured NSTA approval for its development concepts for Tornado, another field west of Shetland, and for Fotla in the UK central North Sea.

Elsewhere in the Shetland region, the company has farmed into 50% of the planned Tobermory Field development, which could lead to the establishment of a new northern UK offshore gas hub and progression of the Suilven development.

As for Rosebank, the former Knarr FPSO recently sailed from Dubai following refurbishment works. The focus now at the field location is on the remaining completion and commissioning scopes for mooring and hookup ahead of the targeted first production in 2026/27.

However, the partners are still awaiting a decision from the UK government on an environmental consent, after submitting further environmental information for the development last year.

In the UK southern North Sea, the company said three further wells have been sanctioned on Cygnus Alpha, with further opportunities at Cygnus Bravo expected to reach FID this year.