(Alliance News) - Ithaca Energy PLC on Wednesday announced that alongside operator Equinor UK Ltd that it will invest USD3.8 billion in the development of Rosebank on the UK continental shelf.
Ithaca Energy shares rose 7.8% to 176.00 pence each on Wednesday morning in London.
The oil field was approved by the UK government's regulator, the North Sea Transition Authority.
The UK government expects billions of pounds to be added into the economy from the project which has been criticised by environmentalist groups.
The Rosebank field is located around 130 kilometres north-west of Shetland. Ithaca expects between 300 millions of barrels of oil from phase 1 and 2, with phase 1 targeting around 245 million barrels.
First production is anticipated between 2026 and 2027. "The Rosebank field will produce in excess of 21 million square cubic feet of natural gas every day, the equivalent to the daily use of Aberdeen city," Ithaca said.
Ithaca Executive Chair Gilad Myerson said: "Rosebank stands as the largest undeveloped field in the UK, and with the receipt of development consent from the NSTA, we are now poised to embark on a journey that will not only provide critically important domestic energy but also ignite substantial economic impact. The Rosebank project will create thousands of jobs and contribute significantly to securing the UK's energy needs for many years to come."
By Tom Budszus, Alliance News reporter
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