There are several “deals to watch” in the UK North Sea in 2024 as a general election looms and companies reshuffle their positions.
"Ultimately political and regulatory processes will work through to get the right answer."
Ithaca Energy criticised the First Minister after remarks late last year.
Amid ongoing scorn over windfall taxes and a looming general election, the outlook for new project sanctions in the North Sea has remained cloudy throughout 2023.
Ithaca Energy has completed its acquisition of Shell’s remaining 30% stake in the Cambo field, as it now looks to bring in a new venture partner ahead of investment sanction.
Ithaca Energy’s chairman says the company could sanction the West of Shetland project on its own but would prefer to bring in partners ahead of any major decisions.
Ithaca Energy reported net income of $238.5 million (£190m) for the nine months ending 30 September, as farm-out discussions continue on key North Sea projects.
Equinor (OSLO: EQNR) is looking to sell off a 20% share in Rosebank, making up a quarter of its existing stake in the UK's largest untapped oilfield.
Ithaca Energy (LON: ITH) has paused its efforts to electrify assets in the West of Shetland, Energy Voice understands.
Ithaca Energy CEO Alan Bruce discusses the farm-out, work on the Cambo FID and why the UK should be a bit more Norway. . .
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.
Analysts have questioned the feasibility of electrifying major Central North Sea assets given the maturity of the area.
‘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.
“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.”
New analysis by WoodMackenzie sets out the “material opportunities” of the Rosebank and Cambo developments in terms of energy security, emissions and economics.
There's a hotting-up M&A market in the UK North Sea, including some of the largest players like Harbour Energy. We take a look at where deals are being made.
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.
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).
The UK regulator, North Sea Transition Authority, has held a meeting with operators in the region to develop 22 new energy projects that will deliver over a billion barrels.
Shell would not be drawn on a sailaway and start-up date for its next North Sea development, with the Penguins FPSO set to remain in Norway for several more months.
Shell has launched a six-month marketing process for its 30% stake in the Cambo oilfield in the West of Shetland.
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.
Viaro Energy’s buying spree shows no sign of letting up, with the company in the final phases of a deal for more North Sea fields.
A host of major oil and gas projects dotted around the North Sea are due to start-up production in the next few years.