TIDMITH TIDMTTM
RNS Number : 8114N
Ithaca Energy PLC
27 September 2023
Press release
DISCLAIMER: CONTAINS INSIDE INFORMATION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION PERTAINING TO
ITHACA ENERGY PLC
Ithaca Energy plc
("Ithaca Energy" or the "Group")
Ithaca Energy announces development of the Rosebank field
Ithaca Energy, together with Equinor (the Operator), are
delighted to announce that they have taken the final investment
decision to progress Phase 1 of the Rosebank development on the UK
Continental Shelf, together investing $3.8 billion in the
development. The North Sea Transition Authority ("NSTA") granted
consent for the development of the field on 27 September 2023.
Ithaca Energy owns a 20% working interest in Rosebank.
The Rosebank field is located around 130 kilometres north-west
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 Aberdeen City.
The Rosebank development has been optimised to reduce carbon
emissions, in line with the North Sea Transition Deal, with the
FPSO designed to be electrification-ready. Ithaca Energy and
Equinor continue to collaborate with government and industry
stakeholders to pursue a regional solution for power from shore to
Rosebank and nearby fields with the objective of minimising carbon
emissions from production.
The Rosebank development is expected to lead to GBP8.1
billion(1) of total direct investment, of which 78% is likely to be
invested in UK-based businesses. It is expected to support around
1,600 jobs during the height of the construction phase of the
project, and it will continue to support approx. 450 UK-based jobs
during the lifetime of the field.
The following contracts have been awarded in relation to the
development:
-- TechnipFMC has been awarded an integrated engineering,
procurement, construction and installation (iEPCI(TM)) contract for
subsea production systems, umbilicals, risers and flowlines with an
estimated value of $500 million derived locally. TechnipFMC has
estimated that more than half of the contract value will be
generated from local activities across the UK, with a large portion
in Scotland.
Project management and engineering activities will be performed
mainly from Aberdeen and tree systems will be manufactured in
Dunfermline. Umbilicals will be produced in Newcastle, pipelines
will be fabricated in Evanton and the main vessel mobilisation site
will also be in the UK. In addition, several other fabrication
sites in the UK will contribute to the project.
-- Odjfell Drilling has been awarded a rig contract, with an
estimated value of $328 million including options, integrated
services and other modifications. The Deepsea Atlantic mobile rig
is scheduled to start a seven-well drilling campaign in the second
quarter of 2025, and an additional four single well options are
included.
-- Altera has been awarded a bareboat charter and an operations
and maintenance contract related to the Petrojarl Knarr FPSO which
is set to be deployed for Rosebank on a firm contract for nine
years, with options up to a total of 25 years.
Gilad Myerson, Executive Chairman, Ithaca Energy, commented: "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."
Alan Bruce, Chief Executive Officer, Ithaca Energy, commented:
"Ithaca Energy continues to deliver against its stated strategy and
demonstrate its commitment to investing in the UK North Sea. We
look forward to expanding our working partnership with Equinor to
deliver one of the lowest emission intensity assets in the UK. The
Rosebank development represents a significant investment in the UK
and Scotland, and we are delighted to be supporting our local
supply chain."
Notes:
(1) Source: Socioeconomic report prepared by Wood Mackenzie and
Voar Energy
Enquiries
Ithaca Energy
Kathryn Reid - Head of Investor Relations, kathryn.reid@ithacaenergy.com
Corporate Affairs & Communications
FTI Consulting (PR Advisers to Ithaca
Energy) +44 (0)203 727 1000
Ben Brewerton / Nick Hennis ithaca@fticonsulting.com
About the Rosebank development:
-- The Rosebank field, operated by Equinor, is an oil and gas
field located about 130km west of the Shetland Islands on the UK
continental shelf.
-- The Rosebank partners: Equinor (80%) and Ithaca Energy (20%).
-- Rosebank is planned to be delivered in two phases.
-- The Rosebank development has been optimised to reduce
operating carbon emissions and the FPSO will be prepared for future
electrification.
-- With electrification, it is estimated that the Rosebank
lifetime upstream CO2 intensity would decrease from 12kg to about
3kg CO2/boe.
-- The expected recoverable resources are over 300 million barrels of oil for Phase 1 and 2.
-- Production from the field will be through subsea wells tied
back to a redeployed FPSO for processing and offloading at the
Rosebank field.
-- Oil will be transported to refineries by shuttle tankers,
while gas will be exported through the West of Shetland Pipeline
system.
-- Rosebank is expected to begin production in 2026-2027.
About Ithaca Energy plc
Ithaca Energy is a leading UK independent exploration and
production company focused on the UK North Sea with a strong track
record of material value creation. In recent years, the Company has
been focused on growing its portfolio of assets through both
organic investment programmes and acquisitions and has seen a
period of significant M&A driven growth centred upon two
transformational acquisitions in recent years. Today, Ithaca Energy
is one of the largest independent oil and gas companies in the
United Kingdom Continental Shelf (the "UKCS"), ranking second by
resources.
With stakes in six of the ten largest fields in the UKCS and two
of UKCS's largest pre-development fields, and with energy security
currently being a key focus of the UK Government, the Group
believes it can utilise its significant reserves and operational
capabilities to play a key role in delivering security of domestic
energy supply from the UKCS.
Ithaca Energy serves today's needs for domestic energy through
operating sustainably. The Group achieves this by harnessing Ithaca
Energy's deep operational expertise and innovative minds to
collectively challenge the norm, continually seeking better ways to
meet evolving demands.
Ithaca Energy's commitment to delivering attractive and
sustainable returns is supported by a well-defined
emissions-reduction strategy with a target of achieving net zero by
2040.
Ithaca Energy plc was admitted to trading on the London Stock
Exchange (LON: ITH) on 14 November 2022.
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