Shell pulling the plug on the Cambo North Sea oilfield is a problem for us, too

You can’t be sure of much when it comes to Shell these days — and Shell, it seems, can’t be sure of anything when it comes to politics. Last month, chief executive Ben van Beurden was fêted for moving the oil major’s headquarters from Holland to London as part of a simplification of its corporate structure.

On Thursday, Shell pulled out of a major oil project in a storm of recrimination, saying the economics were “not strong enough at this time” and complaining of “potential for delays”.

Industry insiders are convinced that watchdogs responsible for approving the Cambo field west of the Shetland islands made extra environmental demands late in the day, increasing costs. Government sources say the Oil and Gas Authority (OGA) and the…

For Shell, which is flailing around in search of a strategy to deal with the energy transition while trying to fend off activist investor Third Point, the Cambo withdrawal is another frustration.

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