December 3, 2021 Read More →

Shell announces it will not develop Cambo field in British North Sea

Reuters:

Royal Dutch Shell (RDSa.L) said on Thursday it had scrapped plans to develop the Cambo oilfield in the British North Sea, which became a lightning rod for climate activists seeking to halt the development of new oil and gas resources.

Following “comprehensive screening” of the Cambo field, Shell “concluded the economic case for investment in this project is not strong enough at this time, as well as having the potential for delays,” the company said in a statement.

Private equity-backed Siccar Point, which owns a majority stake in the field, confirmed in a separate statement that “Shell has taken the decision to not progress its investment at this stage.”

The Cambo project off the Shetland Isles has been at the centre of a political debate on whether Britain should develop new fossil fuel resources as it seeks to become a net zero carbon economy by 2050.

[Ron Bousso and Shadia Nasralla]

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