Fossil Energy – Cambo Oil Field
Plans to develop the giant Cambo field off Shetland are set to be revived after an Israeli-owned firm acquired the firm leading work on the controversial project.
Ithaca Energy, owned by Israeli Delek Group, has agreed to buy Siccar Point Energy in a deal worth up to around $1.5 billion (£1.125bn).
The company said the acquisition will position it as one of the leading oil and gas operators in the UK North Sea.
It noted that Siccar Point’s portfolio includes stakes in the Cambo and Rosebank fields West of Shetland, which it described as two of the largest undeveloped and most strategically important discoveries in the UK North Sea.
Ithaca chief executive Alan Bruce said: “The development of the Cambo and Rosebank fields is a huge opportunity to not only help secure the UK’s energy future for at least another quarter of a century, but also to create thousands of direct and indirect jobs in the process.”
Siccar Point has been working on plans to develop Cambo with Shell.