Ithaca Energy takes full control of North Sea gas field in deal with Shell

Ithaca Energy PLC said it plans to acquire the remaining 30% stake in Cambo from Shell PLC, subject to regulatory approval.

The acquisition will give Ithaca Energy full control over Cambo, the second-largest undeveloped oil and gas discovery in the UK North Sea.

Payment for the acquisition is contingent on either the production of first oil or the proceeds from any subsequent sale of a working interest in Cambo by Ithaca Energy.

The deal is also subject to Ithaca Energy proceeding with the Final Investment Decision (FID) and receiving development consent from the North Sea Transition Authority (NSTA).

Ithaca CEO Alan Bruce said: "We are pleased to conclude the marketing process with Shell and to take full ownership of the Cambo development.

"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."

He also emphasised Cambo's potential role in enhancing the UK's energy security and economic benefit while reducing overall emissions intensity.

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