Shell completes exit of Cambo oilfield as Ithaca Energy buys out stake
Ithaca Energy (LON: ITH) will buy out Shell’s (LON: SHEL) stake in the Cambo oilfield, becoming the 100% owner of the West of Shetland project.
Ithaca Energy
Analysts revise Ithaca outlook over ‘lack of progress’ on Cambo
Analysts have revised their forecasts for Ithaca Energy following a string of cancelled investments and slow going on the development of major projects like Cambo.
‘And John Lewis will come back into town…’: Ithaca boss talks up high street boost of Cambo and Rosebank
The chair of Ithaca Energy has talked up the economic benefits of backing the Cambo and Rosebank projects for local economies, including a potential high street resurgence.
Shell’s quest to find buyer for Cambo stake ‘progressing well’, claims partner
“On Cambo, Shell has a 30% share and our understanding is they are progressing well - hopefully that sales process will end soon. That will allow us to continue the project towards FID.”
Appraisal drilling at Ithaca K2 prospect ongoing with results expected in ‘next few weeks’
The results of a hotly-anticipated North Sea exploration well are due to be released in the “next few weeks”.
‘There are no windfall profits in the industry at the moment’, says Ithaca chairman
A number of the UK’s biggest operators have axed projects or scaled back spending in response to the levy, and “Ithaca is not immune to that”.
Shell receives final bids for UK North Sea gas assets
Shell (LON: SHEL) has whittled down bidders for its southern North Sea gas fields to three final contenders, according to people with knowledge of the matter.
Dozens of North Sea Petrofac workers to strike in dispute over pay
Scores of North Sea workers employed by Petrofac (LON: PFC) are to down tools later this month as part of a dispute over jobs, pay and conditions.
Montrose platform looks most likely option for Ithaca K2 discovery – analyst
According to independent estimates from advisory firm Envoi, K2 has estimated resource potential of 102 million barrels of oil equivalent.
Ithaca buys Fotla stake and three exploration licences from Spirit
Ithaca Energy (LON: ITH) is now the sole owner of the Fotla discovery after buying the remaining 40% stake from Spirit Energy.
Petrofac workers on Ithaca platforms to ballot on strikes
Dozens of Petrofac (LON: PFC) offshore workers onboard Ithaca Energy (LON: ITH) platforms are to ballot on strike action.
Windfall Tax price floor: What difference will it make to the North Sea?
While it’s not a panacea - and may never actually kick into force - the windfall tax price floor could help with financing the $5bn of North Sea projects awaiting FID.
Oilfield’s electrification will remove emissions of 65,000 UK cars, says Ithaca Energy
Ithaca Energy is using electrification to cut emissions at Captain while also using plastic polymers to boost oil recovery.
Fotla and a delayed Marigold project in the Ithaca Energy FID pipeline
Aside from the giant Rosebank and Cambo oilfields - the former expected to be sanctioned this year - there’s a pair of smaller projects in the FID pipeline for Ithaca Energy (LON: ITH).
Rosebank approval still on OPRED’s desk, confirms Ithaca
Ithaca was also asked about the UK political climate, and Equinor’s 80% share in Rosebank.
Ithaca Energy ready to summit K2 exploration target
Ithaca Energy (LON: ITH) is about to begin drilling an exploration well at the K2 prospect in the Central North Sea.
Who have been the UK North Sea exploration standouts?
New data has highlighted the “standout” firms carrying out exploration in the UK North Sea in recent years.
Shell launches fresh sales process for stake in Cambo oilfield
Shell has launched a six-month marketing process for its 30% stake in the Cambo oilfield in the West of Shetland.
1,300 North Sea workers launch strikes in ‘biggest offshore stoppage in a generation’
Unite says the North Sea strikes could bring platforms to a standstill, though this has been played down by operating companies.
‘Current share price doesn’t reflect’ value of Ithaca, claims chairman
Subdued commodity prices and the UK’s tax system are being blamed for Ithaca Energy’s (LON: ITH) perceived undervaluation.
Cambo ‘very difficult’ to sanction without windfall tax reforms, warns Ithaca boss
Ithaca Energy (LON: ITH) is appealing to Westminster to overhaul its energy profits levy, warning that the future of a key oil and gas project could count on it.
Ithaca Energy trebles profits during ‘transformational’ year
But the North Sea firm also lamented the “fiscal uncertainty” created by the energy profits levy (EPL), confirming a $767m deferred tax charge as a result of the government policy.
‘Low risk’ of Greenpeace legal action derailing Jackdaw, says Shell
Shell (LON: SHEL) has played down the chances of Jackdaw being hampered by a legal challenge from the environmental group Greenpeace.
North Sea operator Ithaca Energy promoted to FTSE 250 index
Ithaca Energy (LON: ITH) is to join fellow North Sea operator Harbour Energy (LON: HBR) on the second rung of the London Stock Exchange’s index.
ICYMI: OEUK Budget letter warns Chancellor of North Sea finance and investment risk
This article was first published on March 6.