Ithaca may halt Britain investment without Rosebank approval, FT reports

By Reuters News

Oct 19 (Reuters) - Oil and gas producer Ithaca Energy ITH.L will likely halt further investment in Britain if the government does not approve its Rosebank oilfield in the North Sea, chair Yaniv Friedman said in an interview with the Financial Times on Tuesday.

  • The company wants to invest further in the North Sea but needs the appropriate regulatory and political support, Friedman said, echoing rival Equinor's EQNR.OL concerns

  • Ithaca's $3.8 billion North Sea development investment has stalled after opposition from climate activists led to the approval for the development being overturned

  • Ithaca ​Energy owns 20% of Rosebank, with the rest held by Adura, a joint venture between Equinor and Shell SHEL.L

  • Britain's energy minister said last week that while a decision on the Jackdaw gas field in the North Sea is imminent, Rosebank will take a little longer

  • The UK is now competing with other opportunities in Canada, the chair said, referring to Ithaca's C$1.2 billion ($850.88 million) acquisition of three offshore oil assets from Canada's Suncor Energy SU.TO

  • Ithaca Energy did not immediately respond to Reuters' request for comment

($1 = 1.4103 Canadian dollars)

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