Fossil Energy – Cambo
Ithaca Energy has agreed to acquire the remaining 30% stake in Cambo from Shell, taking Ithaca Energy’s stake in Cambo to 100%.
To remind, Ithaca Energy said in May it had agreed to market Shell’s 30% stake in the Cambo oil prospect in the UK North Sea, with a potential for Ithaca to increase its ownership.
“The acquisition, which has minimal near-term cost exposure, will provide Ithaca Energy with full control over the progression of the future development of Cambo, the second largest undeveloped oil and gas discovery in the UK North Sea,” Ithaca Energy said.
According to Ithaca Energy, the Cambo field is the second largest undeveloped oil and gas discovery in the UK North Sea, located in the West of Shetland region.