Cambo oilfield is back in the game as developer sold for $1.5 billion Business

The company behind plans to develop the Cambo oil field in the North Sea has been taken over by a bigger company, raising the likelihood of the controversial project coming to fruition.

Siccar Point Energy, which holds the license for the field alongside oil and gas giant Shell, is being bought by Ithaca Energy, part of Israeli energy conglomerate Delek Group, for up to $1.5 billion ($1.2 billion pounds).

In a statement on Thursday evening, Ithaca said the Cambo field gave it the opportunity to “develop fields which will contribute significantly to UK energy security”.

Gilad Myerson, Executive Chairman of Ithaca Energy, said, “We will definitely be looking at what it would take to develop Cambo with its partners.

“We will talk to environmental groups, we will also talk to regulators to make sure that if we go ahead, we do so in perfect harmony with all stakeholders.

“We are trying to understand what would be the most appropriate sector to develop in the North Sea, in consultation with all the players. Once we have this clear picture, we will make investment decisions.

The field is expected to produce 170 million barrels of oil equivalent over 25 years.

Shell pulled out of the development in December, saying the economic case was weak, amid growing hostility to fossil fuels following the Cop26 conference on climate change.

Cambo has become a lightning rod for criticism, with activists calling for him to be blocked.

Shell has retained its interest in the license, however, and is said to be reconsidering its decision amid growing support for domestic oil and gas production following Russia’s invasion of Ukraine.

Siccar also holds interests in the Schiehallion, Mariner and Rosebank fields, which Ithaca says are the four largest UK assets in terms of remaining reserves.