In late 2021, Shell pulled its support for Cambo citing economic reasons, after the project became a lightning rod for climate activists seeking to halt the development of new oil and gas resources.
The acquisition, pending regulatory approval, has "minimal near-term cost exposure" which will be paid if and once the field starts producing oil or if Ithaca sells a stake, Ithaca said in a statement.
This would amount to around $77.85 million, an Ithaca spokesperson said on Tuesday.
In May, Ithaca said it had signed an agreement with Shell to market the oil major's 30% stake in Cambo, with a potential for Ithaca to increase its ownership if no other sale occurs.
At the time, Ithaca said it would pay $1.50 per barrel of oil equivalent (boe) of so-called P50 resources in Cambo, which stood at 173 million boe, according to the latest development plan. P50 is a type of measurement used for the size of undeveloped oil and gas fields.
Ithaca listed on the London Stock Exchange last November and has been critical of a windfall tax on oil and gas producers in the British North Sea that was introduced last year.
It also owns a 20% stake in the Equinor-operated Rosebank field in the British North Sea, for which a final investment decision is outstanding.
(Reporting by Ron Bousso and Shadia Nasralla; editing by Jason Neely and David Evans)
