Shell UK sells its 50% stake in Tobermory Gas to UK-based Ithaca Energy

Ithaca Energy, a North Sea oil-and-gas producer, announced on Wednesday that it had agreed to purchase a 50% stake from Shell UK in the Tobermory Gas discovery located in the West of Shetland Basin off Scotland.

Shell's Tobermory interest will be part of Adura. This joint venture between Equinor and Shell is expected to launch later this year. This partnership will be announced in December 2024 and combine Shell and Equinor’s UK offshore oil and natural gas assets.

Shell spokesperson stated that the announcement made with Ithaca on Wednesday supports Shell's West of Shetland Gas Growth Strategy. Shell and Ithaca are already 50/50 partners on the Tornado discovery.

Shell has recently abandoned the MarramWind, and CampionWind offshore projects in Scotland. This is a sign that Shell is moving away from renewable energy and towards oil and gas.

Ithaca is a leading independent oil and natural gas company in the UK Continental Shelf. The company announced on Wednesday that it was moving towards a final decision regarding the Cambo and Tornado discovery.

Ithaca announced in October 2024 that it had closed a deal worth 754 million pounds ($993 millions) to purchase nearly all the UK oil and natural gas assets of Eni.

(source: Reuters)