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    Shell agrees to transfer stake in Cambo oil project to Ithaca

    Sept. 12, 2023
    Ithaca Energy has agreed to acquire Shell U.K.’s 30% stake in acreage covering the deepwater Cambo field west of Shetland.
    Courtesy Ithaca Energy
    The Cambo field development project will feature a Sevan cylindrical FPSO.
    The Cambo field development project will feature a Sevan cylindrical FPSO.

    Offshore staff

    ABERDEEN – Ithaca Energy has agreed to acquire Shell U.K.’s 30% stake in acreage covering the deepwater Cambo field west of Shetland.

    Assuming regulatory approval for the transfer, Ithaca will assume outright control of Cambo, the second largest undeveloped oil and gas discovery in the UK North Sea regiom.

    Terms call for payment on either first oil or the receipt of proceeds of any subsequent sale by Ithaca of a working interest in Cambo, subject to Ithaca Energy proceeding with FID and/or the North Sea Transition Authority issuing development consent.

    Alan Bruce, Ithaca’s CEO, said: “Our primary focus continues to be the delivery of our buy, build and boost strategy, including the future development of Cambo, subject to fiscal conditions.”

    09.12.2023