(Alliance News) - Ithaca Energy PLC on Tuesday said it will buy the remaining working interest in Cambo from Shell UK Ltd, part of Shell PLC, giving Ithaca full ownership of the undeveloped oil and gas discovery in the UK North Sea.
The London-based oil and gas operator did not disclose the price it is paying. However, it said the acquisition has minimal near-term cost exposure. It is subject to regulatory approval.
The Cambo field is the second largest undeveloped oil and gas discovery in the UK north sea, the company added.
"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," Ithaca Chief Executive Officer Alan Bruce said.
Ithaca Energy shares were 0.1% lower at 148.80 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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