Ithaca Energy has announced the successful completion of its acquisition of the remaining 30% stake in Cambo from Shell U.K. taking Ithaca Energy's stake in Cambo to 100%, as announced on 12 September 2023. The acquisition will provide Ithaca Energy with control over the progression of the future development of Cambo.

The acquisition has minimal near-term cost exposure, with the consideration payable on the earlier of (i) first oil; and (ii) the receipt of proceeds of any subsequent sale of a working interest in Cambo by Ithaca Energy; and is subject to Ithaca Energy proceeding with FID and/or the NSTA providing development consent.

Alan Bruce, Chief Executive Officer, Ithaca Energy, commented: 
"We are pleased to announce the completion of this acquisition, taking our ownership of Cambo to 100%. Following completion, we are now in a stronger position to engage with potential farm-in partners to enable the future progression of the project to Final Investment Decision. As the second largest undeveloped oil and gas discovery in the UK, we believe that Cambo has an important role to play in providing critical energy security to the UK, while reducing the UK's overall emissions intensity."

The Cambo field is the second largest undeveloped oil and gas discovery in the UK North Sea, located in the West of Shetland region. The development provides Ithaca Energy with long term production growth at a low expected unit operating cost per barrel. With its modern, energy efficient design and potential for electrification, Cambo could be one of the lowest-emission intensity assets in the North Sea. The field is expected to produce at less than half the CO2 intensity than the average UK field, enabled by the FPSO design which includes features such as being fully electrification ready (subject to grid connection availability), zero routine flaring and the Sevan FPSO hull design reducing power demand.

KeyFacts Energy: Ithaca Energy UK country profile