Shell pulls out of Cambo oil field development

Fossil energy – Cambo

Oil giant Shell has pulled out of the controversial Cambo oil field development west of Shetland.

The company had a 30% stake in the field, which has faced sustained criticism from environmental groups.

Shell said the economic case for investment in the North Atlantic project was “not strong enough”.

I had carried out “comprehensive screening” before reaching a decision to “ensure the best returns for the business”.

Majority stakeholder Siccar Point Energy said it would continue talks with the UK government over the future of the field.

Original Source: https://ocean-energyresources.com/2021/12/03/shell-pulls-out-of-cambo-oil-field-development/