Ithaca reiterates it expects green light for UK Rosebank oilfield in H1

LONDON (Reuters) - Ithaca Energy reiterated on Wednesday it expected a final investment decision (FID) on the $5 billion British Rosebank oilfield, in which Norway's Equinor holds a majority stake, in the first half of this year.

Rosebank, a lightning rod for climate activists and still going through regulatory processes, would at peak produce over 70,000 barrels per day with output starting in late 2026, if a final investment decision is taken. Equinor has previously said it expected an FID in spring.

"We are working through regulatory guidance and there is no change from our previously communicated timeline," an Ithaca spokesperson said. The firm had in March guided for an FID in the first half of 2023.

The oilfield is in the British North Sea.

(Reporting by Shadia Nasralla; Editing by Sharon Singleton)