Ithaca Energy Plc agreed to acquire the remaining 30% stake in the Cambo oil field from Shell Plc, giving the North Sea producer full ownership of the project.
(Bloomberg) — Ithaca Energy Plc agreed to acquire the remaining 30% stake in the Cambo oil field from Shell Plc, giving the North Sea producer full ownership of the project.
The deal follows Shell’s decision in May to market its stake, ridding itself of an investment that’s proved controversial amid the UK’s energy transition. The Cambo venture — long a target for environmentalists — has been on ice since late 2021, when the energy major said its economic case had weakened.
Yet Ithaca has said it sees an opportunity to revive the development after Russia’s invasion of Ukraine prompted a renewed focus on homegrown energy.
“Our primary focus continues to be the delivery of our ‘buy, build and boost’ strategy, including the future development of Cambo,” Ithaca Chief Executive Officer Alan Bruce said Tuesday in a statement. “Cambo has an important role to play in providing energy security and economic benefit to the UK.”
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