Shell's Cambo Exit: Ithaca Energy Acquires Remaining 30% Stake In The Development
Portfolio Pulse from Nabaparna Bhattacharya
Shell PLC (NYSE:SHEL) is divesting its 30% stake in the Cambo oilfield to Ithaca Energy, increasing Ithaca's ownership to 100%. The deal is valued at $77.85 million. This comes after numerous protests by climate activists and rumors about Shell wanting to offload its stake. Shell's shares are trading lower by 0.03% to $63.50 premarket.
September 12, 2023 | 11:55 am
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Shell is selling its 30% stake in the Cambo oilfield to Ithaca Energy. The deal is valued at $77.85 million. Shell's shares are trading lower by 0.03% premarket.
Shell's decision to sell its stake in the Cambo oilfield is likely a response to pressure from climate activists. This divestment could be seen as a negative by investors, leading to a slight decrease in the stock price. However, the impact is likely to be short-term as the company continues to adjust its portfolio in response to changing market conditions and regulatory pressures.
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