Prospects for New North Sea Gas Production

Approval for Shell North Sea Jackdaw gas field after previous rejection in October has increase development prospects for the Ithaca Cambo field.

• The Jackdaw field received final regulatory approval last month after rejection last year on environmental grounds. Shell is expected to spend £500m to develop the facility and plans to start production in the second half of 2025. The Jackdaw field has estimated reserves of between 120m and 250mbbls.
• The new owners of the Cambo field, Ithaca Energy, say the field would align with the British climate agenda due to below-average carbon emissions and would help with energy security. The future of the Cambo field was put in doubt in December when Shell, which owns 30%, scrapped plans to develop the field.
• The Cambo field could potentially deliver up to 170mbbls of oil during its 25 year operational life.
• Ithaca are reassessing the economics of the Cambo field following the UK windfall tax levy announced last month.