Ithaca Energy is taking over Shell’s 30% stake in Cambo, making it the field’s sole owner, it said in a September 12 London stock-exchange statement. Cambo is the second largest undeveloped oil and gas discovery in the UK North Sea.
No money will change hands until first oil is produced, or Ithaca receives money from any sale of a working interest in Cambo, depending on which event comes first. The details of the May 4 deal that led to the announcement may be found here.
Ithaca said it was “pleased to conclude the marketing process with Shell and to take full ownership of the Cambo development…. 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.”