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Shell scraps plans to develop Cambo North Sea oilfield

REUTERS

Shell scraps plans to develop Cambo North Sea oilfield

LONDON, Dec 2 (Reuters) – Royal Dutch Shell (RDSa.L) said on Thursday it had scrapped plans to develop the Cambo North Sea oilfield, which became a lightning rod for climate activists seeking to halt Britain’s 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 sharply reduce its greenhouse gas emissions in the coming decades.

Shell owns 30% in the project, while Siccar Point, which operates it, holds the remaining 70%.

Reporting by Ron Bousso and Shadia Nasralla Editing by Mark Potter
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