UK oil producer Ithaca Energy stated greater policy certainty is accelerating the Cambo oil and gas field development, bringing a final investment decision within 12 months. Cambo, located 80 miles west of the Shetland Islands, holds over 140mn barrels of recoverable resources. The company highlighted progress in securing a partner for the project, which faces a critical investability test under the Labour government's fossil fuel transition policies. Labour extended the windfall tax and halted new exploration licences, though recent environmental guidelines and a new tax regime aim to stabilize the sector. Ithaca emphasized 'enhanced maturity' and a 'more stable fiscal outlook' in its partner search, though opposition from climate groups remains strong.