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UK's Ithaca Energy buys 50% stake in Tobermory gas from Shell UK

Published by Global Banking & Finance Review

Posted on November 19, 2025

1 min read

· Last updated: January 20, 2026

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(Reuters) -North Sea oil and gas company Ithaca Energy announced on Wednesday an agreement with oil major Shell UK to buy a 50% interest in Tobermory gas discovery, located in the West of Shetland

Ithaca Energy Acquires Half Stake in Tobermory Gas from Shell UK

(Reuters) -North Sea oil and gas company Ithaca Energy announced on Wednesday an agreement with oil major Shell UK to buy a 50% interest in Tobermory gas discovery, located in the West of Shetland basin, offshore Scotland.

(Reporting by Simone Lobo in Bengaluru)

Key Takeaways

  • Ithaca Energy acquires 50% of Tobermory gas discovery.
  • The deal is made with Shell UK.
  • Tobermory is located in the West of Shetland basin.
  • The acquisition strengthens Ithaca's North Sea presence.
  • Reported by Simone Lobo in Bengaluru.

Frequently Asked Questions

What is Ithaca Energy?
Ithaca Energy is a North Sea oil and gas company that operates in the UK continental shelf, focusing on the exploration and production of hydrocarbons.
What is a gas discovery?
A gas discovery refers to the identification of a new natural gas reservoir, typically through exploration activities such as drilling.
What is a stake in an energy project?
A stake in an energy project represents ownership interest in the project, allowing the stakeholder to share in profits and decision-making.
What is the West of Shetland basin?
The West of Shetland basin is a significant area for oil and gas exploration located offshore Scotland, known for its potential hydrocarbon reserves.

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