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.
BW Energy has made a substantial oil discovery in the DHIBM-7P pilot well of the Hibiscus field offshore Gabon, the company… Read More
Saudi Aramco has signed three MoUs with US companies to advance the development of potential lower-carbon energy solutions, the company… Read More
Spain's Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion,… Read More
Saipem has been awarded a USD 850-million contract for subsea works in Angola by local BP-Eni joint venture Azule Energy,… Read More
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
This website uses cookies.