Cambo Oilfield Development may return after takeover

The Shetland Islands combo oil field could now be developed after the controversial site owner acquired 1.5 1.5 billion (1.1 billion).

Seeker Point Energy, which put the project on “break” when its partner Shell pulled back late last year after fierce opposition from environmentalists, has been acquired by Ithaca Energy.

Ithaca Energy said the combo and nearby Rosebank sites were “two of the largest underdeveloped and strategically important discoveries in the UK North Sea”.

Alan Bruce, Chief Executive of Ithaca Energy, said: “The development of the Cambo and Rosebank fields is a huge opportunity not only to help secure the UK’s energy future for at least another quarter of a century, but also to create thousands of direct forces. And indirect employment in the process. ”

Shell came out of site development in December, saying the investment was “not strong enough” economically.

However, a report last month claimed that the energy company was reviewing its decision following the rise in oil prices, making the project more financially viable.

A Shell spokesman, who still owns 30% stake in Cambo, said there was nothing to add to his statement when it exited the project in December.

The war in Ukraine has highlighted the need for the UK to reduce its dependence on foreign energy sources, especially Russia.

The UK government on Thursday unveiled its energy strategy in full – following the previous day – which included a new licensing round for oil and gas projects in the North Sea.

The combo site has not yet received final approval from UK regulators.

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Ithaca Energy said: “The combo field is expected to deliver the equivalent of 170m barrels of oil in its 25-year career, helping to materially reduce the need for more carbon-intensive alternative imports and increase UK energy independence. Through energy change.

“With a final investment decision expected in both cases next year, they represent a near-term opportunity to improve the local and greater UK economy by creating a significant number of employment opportunities directly and across the supply chain.”

The UK government has said its commitment to further projects in the North Sea recognizes the “importance of these fuels for change and energy security”.

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