Oil and gas explorer Ithaca Energy Ltd. confirmed plans on Tuesday to list on the London Stock Exchange for an undisclosed amount, as it looks to capitalize on its key portfolio to tap further into the hard-pressed energy sector.
Britain needs to keep developing new oil and gas fields in the North Sea even as it rolls out major offshore wind and carbon capture and storage projects across the country, according Shell’s UK head of upstream.
The U.K. got less than a quarter of its oil supplies from its own fields last year, compared with about 9% from Russia. And domestic output is dropping fast down by 10% in the first quarter from a year earlier after companies cut investment or spent their cash elsewhere.