Delek unit Ithaca given approval to develop North Sea field

Ithaca drilling rig credit: Company website
Ithaca drilling rig credit: Company website

Ithaca Energy chairman: Rosebank stands as the largest undeveloped field in the UK.

Delek Group Ltd. (TASE:DLEKG) North Sea energy exploration and production unit Ithaca Energy (LSE: ITH) has announced that it has received approval from the North Sea Transition Authority (NSTA) to develop Phase 1 of the Rosebank field. Ithaca Energy has a 20% stake in Rosebank in which Norwegian company Equinor is the operator with an 80% stake. Ithaca and Equinor are investing $3.8 billion in the first stage of development.

The Rosebank field is 130 kilometers northwest of Shetland. Recoverable resources are estimated at around 300 million barrels of oil from Phase 1 and 2, with Phase 1 targeting an estimated 245 million barrels of oil. The field will be developed with subsea wells tied back to a redeployed Floating Production Storage and Offloading vessel (FPSO), with first production expected in 2026-2027. The Rosebank field will produce in excess of 21 MMSCF of natural gas every day, the equivalent to the daily use of the city of Aberdeen.

The Rosebank development is expected to involve £8.1 billion of total direct investment.

Ithaca Energy executive chairman Gilad Myerson said, "We are delighted to announce the decision to move forward with the Rosebank development alongside Equinor. Rosebank stands as the largest undeveloped field in the UK, and with the receipt of development consent from the NSTA, we are now poised to embark on a journey that will not only provide critically important domestic energy but also ignite substantial economic impact. The Rosebank project will create thousands of jobs and contribute significantly to securing the UK’s energy needs for many years to come."

Published by Globes, Israel business news - en.globes.co.il - on September 27, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

Ithaca drilling rig credit: Company website
Ithaca drilling rig credit: Company website
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