Ithaca may reportedly halt Britain investment without Rosebank approval
Ithaca Energy will likely halt further investment in Britain if the government does not approve its Rosebank oilfield, chair Yaniv Friedman reportedly said. The company’s $3.8 billion North Sea development investment has stalled after approval was overturned.
1. Investment at stake
Ithaca Energy will likely halt further investment in Britain if the government does not approve Rosebank, chair Yaniv Friedman said in an interview. He said the company wants to invest further in the North Sea but needs regulatory and political support.
2. Rosebank ownership
Ithaca Energy owns 20% of Rosebank, with the rest held by Adura, a joint venture between Equinor and Shell. Ithaca’s $3.8 billion North Sea development investment has stalled after climate activists opposed the project and its approval was overturned.
3. Other opportunities
Friedman said the UK is competing with opportunities in Canada, referring to Ithaca’s C$1.2 billion acquisition of three offshore oil assets from Suncor Energy. Britain’s energy minister said a decision on the Jackdaw gas field was imminent, while Rosebank would take longer.
