Siccar Point Energy, which put the project on hold when its Shell partner left late last year after strong opposition from environmental activists, was acquired by Ithaca Energy. Ithaca Energy said the Cambo and nearby Rosebank sites were “two of the largest undeveloped and most strategically important discoveries in the UK North Sea”. Alan Bruce, CEO of Ithaca Energy, said: “The development of the Cambo and Rosebank fields is a huge opportunity not only to help secure the UK’s energy future for at least a quarter of a century, but also to create thousands of immediate and indirect jobs in the process “. Shell withdrew from developing the site in December, saying the financial case for the investment was not “strong enough”. However, last month a report claimed that the energy company was reconsidering its decision after the oil price spike, making the project more economically viable. A spokesman for Shell, which owns 30% of Cambo, said it had nothing to add to its statement in December when it left the project. The war in Ukraine has highlighted the need for the United Kingdom to reduce its dependence on foreign energy sources, particularly Russia. On Thursday, the UK government fully released its energy strategy, which included a new round of licensing for oil and gas projects in the North Sea. The Cambo site has not yet received final approval from the UK regulators. Subscribe to the daily Business Today email or follow the Guardian Business on Twitter at @BusinessDesk Ithaca Energy said: “The Cambo field alone is expected to deliver up to 170 million barrels of equivalent oil during its 25-year operating life, substantially reducing the need for more carbon-intensive alternatives and increasing energy independence. of the UK. through the energy transition. “With the final investment decision expected in both sectors next year, they represent a short-term opportunity to strengthen the UK’s local and wider economy by creating a significant number of employment opportunities directly and throughout the supply chain.” The UK government has said it’s commitment to more projects in the North Sea recognizes “the importance of these fuels for transit and energy security”.
