Ithaca did not disclose the financial value of the transaction, which takes its ownership in the Cambo field to 100%.
The news comes after Shell signed a deal with Ithaca in May for a marketing plan to sell its stake in the field.
Situated in the west of the Shetland region, the Cambo field is the second-largest untapped oil and gas reserve in the UK North Sea.
Ithaca, which is focused on the UK North Sea, said the field provides it the opportunity to increase production over the long term at a low estimated cost per barrel of operation.
The field is anticipated to produce less than half the amount of CO₂ compared with the typical UK field.
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Ithaca Energy CEO Alan Bruce said: “We are pleased to conclude the marketing process with Shell and to take full ownership of the Cambo development. Our primary focus continues to be the delivery of our BUY, BUILD and BOOST strategy, including the future development of Cambo, subject to fiscal conditions.
“We believe that Cambo has an important role to play in providing energy security and economic benefit to the UK while reducing overall emissions intensity.”
The deal is yet to secure regulatory approval.
In July this year, Ithaca announced hydrocarbon discovery at the K2 prospect offshore UK.
Earlier that month, Ithaca reached an agreement with Spirit Energy Resources to buy the remaining 40% share in the Fotla Discovery.