Ithaca Energy Plc has sealed a deal with Shell Plc to acquire the remaining 30% stake in the Cambo oil field, paving the way for the North Sea producer to take full ownership of the asset. The agreement marks a significant milestone for Ithaca Energy as it seeks to bolster its portfolio in the North Sea and strengthen its position amidst intense competition in the region. The acquisition is expected to unlock significant value for Ithaca Energy and bolster its oil production capabilities in the coming years.
1. Ithaca Energy has acquired the remaining 30% stake in the Cambo oil field from Shell, taking full ownership of the asset.
2. This acquisition is a significant milestone for Ithaca Energy as it aims to strengthen its portfolio in the competitive North Sea region.
3. The deal is worth $135 million, with an initial payment of $10 million and additional contingent payments.
4. The acquisition is expected to unlock significant value for Ithaca Energy and enhance its oil production capabilities in the years to come.
5. Ithaca Energy's position in the North Sea region is set to be strengthened, and the company expects the investment to generate long-term value for its shareholders.
Ithaca Energy Plc has acquired the remaining 30% stake in the Cambo oil field from Shell Plc, solidifying its position in the North Sea.
the field. The deal, worth $135 million, includes an initial payment of $10 million followed by additional contingent payments. With this acquisition, Ithaca Energy is set to boost its production levels and strengthen its position in the North Sea region. Additionally, the company expects the investment to generate significant long-term value for its shareholders.