Ithaca Energy has announced that it agreed to acquire the remaining 30% stake in the Cambo gas and oil field from Shell UK, bringing Ithaca Energy’s stake in Cambo to 100%.

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.

“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. We believe that Cambo has an important role to play in providing energy security and economic benefit to the UK while reducing overall emissions intensity,” said Alan Bruce, Ithaca Energy’s Chief Executive Officer.

The Cambo field, located in the west of the Shetland area, is the second most extensive undeveloped oil and gas find in the UK North Sea. 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 assets in the North Sea. The field is expected to produce at less than half the CO2 intensity of 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.

Ithaca Energy ranks second in resources among the major independent oil and gas firms on the United Kingdom Continental Shelf (UKCS).

Ithaca Energy has stakes in six of the UKCS’s ten largest fields and two of the UKCS’s largest pre-development fields.

With energy security currently being a key focus of the UK Government, the group believes it can utilize its significant reserves and operational capabilities to play a key role in delivering the security of domestic energy supply from the UKCS.

Ithaca Energy’s commitment to delivering attractive and sustainable returns is supported by a well-defined emissions-reduction strategy with a target of achieving net zero by 2040.