The operator and majority owner of the controversial Cambo oil field north-west of Shetland has moved a step closer to a stock market listing amid a revival of investor interest in the North Sea.
Aberdeen-based Ithaca Energy, which is owned by Isreal's Delek Group, said its strategy is aligned with that of the UK Government's energy security ambitions and it is "proud to be investing...at a time when domestic energy security could not be more important".
The company has been considering an initial public offering (IPO) for a number of months and today unveiled details of its plans via a registration document to be filed with the London Stock Exchange.
With stakes in six of the top ten largest oil and gas fields in the UK Continental Shelf (UKCS), Ithaca has been valued at about $6 billion. It is thought a flotation would raise about $1bn.
READ MORE: Aberdeen's Ithaca benefits from rise in oil and gas prices
Its portfolio consists of 28 producing fields in the UKCS, including its 70 per cent stake in Cambo which it took over in June of this year with the acquisition of Siccar Point Energy.
Cambo is expected to yield up to 170 million barrels of oil equivalent over 25 years, plus 53.5 billion cubic feet of gas. It has been a major symbol in the fight between environmental campaigners who want to immediately end fossil fuel production and the oil industry, which prefers a more gradual approach.
"With the opportunities we have ahead of us, there has never been a more exciting time to be leading Ithaca Energy," chief executive Alan Bruce said.
"Our mission is to help meet the energy needs of the UK while operating in a sustainable manner. Our goal is to maximise value through the safe, efficient and responsible development and production of our assets."
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