Shell exits the UK’s offshore Cambo field

UK

ABERDEEN, September 13, 2023 – Ithaca Energy has agreed to acquire Shell’s stake in the offshore Cambo oil and gas field located in the UK’s North Sea, the British E&P player announced on Tuesday.

The acquisition of Shell’s 30% stake will see Ithaca energy take full control of the play.

Under the deal, around USD 77.85 million will be paid to Shell once the field begins producing or if Ithaca Energy sells a stake in the concession.

The agreement is subject to regulatory approval.

The Cambo field located in the West of Shetland region is the second largest undeveloped field in the UK’s North Sea.

Production plans include the use of a fully electrified FPSO equipped with an energy-saving hull design.

Shell pulled its support of the field in late 2021 citing economic reasons.

Ithaca Energy plans to have net-zero carbon emissions by 2040.

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