May 7, 2023

Shell selling stake in controversial Cambo oil field

Shell is selling its stake in the controversial Cambo oil field, it has been announced. Cambo has been the focal point of many protests, and Shell has been rumoured for months to be looking for someone to take over its part. Shell might sell all of its stake, but if it only manages to find a buyer for a portion of the stake it could offload its remaining share to Ithaca. Shell's senior vice president of UK Upstream, Simon Roddy, said: "Following an internal review, we have decided to sell our 30% working interest in Cambo and have agreed a process with Ithaca Energy for the sale of Shell's stake in the field this year."We wish Ithaca Energy well in the future development of the field, which will be important to maintain the UK's energy security and to sustaining domestic production of the fuels that people and businesses need. Ithaca chief executive Alan Bruce said: "Our agreement with Shell represents a meaningful step towards the development of Cambo, the second-largest undeveloped field in the UK continental shelf and a key asset in helping maintain the UK's future energy security.

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