Ithaca Energy to buy out Shell stake in Cambo field

UK oil and gas producer Ithaca Energy on Tuesday said it was buying the remaining 30% stake in the West Shetland Cambo field from Shell UK.

The acquisition, which Ithaca said had minimal near-term cost exposure, will give the company full control over the progression of the future development of Cambo, which is the second largest undeveloped oil and gas discovery in the UK North Sea.

No price was disclosed, but the company said terms were payable on first oil, or receipt of payment to any subsequent sale of the stake by Ithaca.

A fresh sales process to find a new buyer for the Shell stake was launched in May, after the oil giant said it would not progress with the project in December 2021.

Reporting by Frank Prenesti for Sharecast.com