As part of the sale process, the London-based company appointed investment bank Jefferies to run the sale process for the field, which is said to be the second-largest undeveloped resource in the North Sea.
The sale is expected to pave the way for the field’s development, which has been facing opposition from climate activists seeking to halt new oil and gas resource developments in the North Sea.
Despite opposition and commitments to reducing greenhouse gas emissions, the UK government expressed support for the North Sea oil and gas resource developments to secure the country’s energy security as oil prices continue to rise, following Russia’s invasion of Ukraine.
Last year, Shell withdrew from the Cambo oil field development project, citing its weak economics at that time.
Ithaca Energy, which took ownership of the field following the acquisition of Siccar Point in April 2022, was cited by the news agency as saying that the Cambo oil prospect was ‘economically viable’.
Located 125km northwest of the Shetland Islands, the Cambo oil field is expected to yield up to 170 million barrels of oil equivalent over 25 years, and 53.5 billion cubic feet of gas.
The field is operated by Ithaca Energy with a 70% stake. Ithaca Energy is owned by Israel’s Delek Group.