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Prospects for New North Sea Gas Production

NATURAL GAS

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.
Energy BulletsBank Of England (BOE) Market NewsUKCommodities
Energy BulletsBank Of England (BOE) Market NewsUKCommodities

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