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Energy Security Minister Claire Coutinho said that Rosebank would be less emissions-intensive compared with older oil and gas developments because they were designed with mitigations in place. Environmental campaigners had urged the government to halt development of Rosebank, saying it contravened the plan for a net-zero economy. Uplift, a campaign group opposed to Rosebank, said Britain would struggle to benefit from Rosebank as most of the oil would be processed abroad. "By approving Rosebank, Rishi Sunak has confirmed he couldn't care less about climate change," Uplift executive director Tessa Khan said. The North Sea Transition Authority, the UK regulator, said it had taken Rosebank's emissions into account in relation to Britain's climate plan.
Persons: Rishi Sunak, Claire Coutinho, Sunak, Caroline Lucas, Rosebank, Tessa Khan, Sarah Young, William James, Ron Bousso, Kate Holton, Jane Merriman Organizations: Energy, Environmental, Green Party, Labour Party, Ithaca Energy, Ithaca Energy's, Transition, Thomson Locations: Ithaca, Britain, Oslo, Rosebank, Equinor
PRICE FLOORNeither climate campaigners nor the industry are happy with the new windfall tax. Benchmark Brent oil prices are trading above $80 a barrel, far below a spike well above $100 shortly after the Ukraine war began. Jacques Tohme, director and founder of Tailwind, a North Sea producer, said he did not object to a higher tax but a lack of stable rules created the risk of "flight of investment" from the North Sea. "We're happy to pay higher tax, but we need a floor of $75 to $100 a barrel above which a true windfall tax can be applied," Tohme said. Companies including Shell (SHEL.L) and Equinor have already said they will review their North Sea investments.
Nov 8 (Reuters) - North Sea oil and gas producer Ithaca Energy's (IPO-IHEG.L) planned initial public offering (IPO) in London is set to be priced at the bottom of the range at 250 pence per share, a bookrunner on the deal said on Tuesday. The planned IPO of Ithaca - owned by Tel Aviv-listed Delek Group (DLEKG.TA) - on the London Stock Exchange on Wednesday has been closely watched in an IPO market starved of activity since Russia's invasion of Ukraine. Delek bought Ithaca in April from private equity-backed Siccar Point Energy, already flagging its intention to float. The last oil and gas producer to float on the main London stock exchange was eastern Mediterranean-focused Energean ENOG.L in 2018. Reuters Graphics($1 = 0.8716 pounds)Reporting by Sinchita Mitra in Bengaluru; Editing by Rashmi Aich and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.
LONDON, Nov 2 (Reuters) - Ithaca Energy's (IPO-IHEG.L) London listing will be priced at 250 to 310 pence, giving the North Sea oil and gas producer an implied market value of 2.5 billion to 3.1 billion pounds ($2.87 billion to $3.56 billion), bookrunners said on Wednesday. Ithaca, owned by Tel Aviv-listed Delek Group (DLEKG.TA), expects to be eligible for inclusion in the FTSE UK indices. The bookrunners said the listing is expected to have a free float of at least 10%, with the first day of trading on November 9. Goldman Sachs (GS.N) and Morgan Stanley are joint global co-ordinators on the deal while HSBC (HSBA.L), Jefferies (JEF.N) and Bank of America (BAC.N) are joint bookrunners, with ING (INGA.AS) acting as co-lead manager. ($1 = 0.8702 pounds)Reporting by Huw Jones and Sinead Cruise; editing by Jason Neely and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
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