Ithaca Energy has signed a farm-in agreement with Shell UK for a 50% working interest in licenses P2629 and P2630, located in the West of Shetland basin, containing the Tobermory discovery.
Following completion of the farm-in, Shell UK will continue to hold a 50% stake in the Tobermory discovery and act as license operator.
The announcement of the Tobermory farm-in, together with the Ithaca’s existing 50/50 joint venture partnership with Shell in the Tornado discovery, further strengthens Ithaca Energy’s position as a strategic partner in the area.
"We are delighted to announce the farm-in to the Tobermory discovery and to continue our strategic partnership with Shell UK in the area. The West of Shetland represents a key basin for the Group’s long-term growth, with the ongoing development of the Rosebank field and the continued progression of the Cambo and Tornado discoveries towards final investment decision.
“Our investment in the West of Shetland basin is critical not only to the UK’s Energy Security strategy, but also in supporting thousands of highly skilled jobs and our world-class supply chain and providing significant gross value add to the UK economy,” said Yaniv Friedman, Executive Chairman of Ithaca.