Ithaca signs farm-in agreement with Shell for Tobermory discovery in UK

UK-based lipid and state relation Ithaca Energy has signed a farm-in statement with Shell UK for a 50% moving involvement successful licences P2629 and P2630 containing the Tobermory state find successful the West of Shetland basin.

Upon completion of the farm-in agreement, Shell UK volition proceed to clasp a 50% involvement successful the Tobermory find and service arsenic the licence operator.

The institution said that the statement builds connected its concern strategy for the West of Shetland basin.

Ithaca Energy besides stated that this determination positions the institution arsenic a “significant subordinate successful a cardinal state hub successful the area” and supports the UK’s vigor security.

Along with its existing 50/50 associated task with Shell successful the Tornado discovery, the caller farm-in statement strengthens its presumption successful the area, added Ithaca Energy.

Ithaca Energy enforcement president Yaniv Friedman said: “We are delighted to denote the farm-in to the Tobermory find and to proceed our strategical concern with Shell UK successful the area.

“The West of Shetland represents a cardinal basin for the Group’s semipermanent growth, with the ongoing improvement of the Rosebank tract and the continued progression of the Cambo and Tornado discoveries towards last concern decision.

“Our concern successful the West of Shetland basin is captious not lone to the UK’s Energy Security strategy but besides successful supporting thousands of highly skilled jobs and our world-class proviso concatenation and providing important gross worth adhd to the UK economy.”

Ithaca Energy claims to beryllium 1 of the largest autarkic lipid and state companies operating connected the UK Continental Shelf, ranking second-largest by production.

In March this year, Ithaca Energy signed a merchantability and acquisition statement to get the implicit issued shares of JAPEX UK (JUK) E&P from Japan Petroleum Exploration.

The transaction, carrying an endeavor worth of $193m (£149.5m), enhances the company’s involvement successful the Seagull oilfield successful the UK North Sea from 35% to 50%.

"Ithaca signs farm-in statement with Shell for Tobermory find successful UK " was primitively created and published by Offshore Technology, a GlobalData owned brand.

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