Ithaca may halt Britain investment without Rosebank approval, FT reports

Ithaca Considers Stopping UK Investment Without Rosebank Oilfield Approval

Ithaca Energy's Investment Plans and Regulatory Challenges

Potential Halt of UK Investment

Oct 19 (Reuters) - Oil and gas producer Ithaca Energy 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.

Need for Regulatory and Political Support

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

Stalled North Sea Development

• 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

Ownership and Stakeholders in Rosebank

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

Government Response and Competing Opportunities

UK Government's Position

• 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

International Investment Considerations

Canadian Oil Asset Acquisition

• 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

Company Response and Additional Information

• Ithaca Energy declined to comment on the report

($1 = 1.4103 Canadian dollars)

(Reporting by Simone Lobo in Bengaluru; Editing by Tasim Zahid and Jonathan Ananda)