Mar 22, 2022
Shell reconsiders its exit from oil field off Shetland
Energy giant Shell is reconsidering its recent decision to pull investment from a large new UK oil field, the BBC understands. In December, Shell said the economic case - along with possible regulatory delays - meant it was withdrawing from the Cambo oil field, which is 75 miles off the west coast of Shetland. The UK government said investment decisions are a commercial matter for the companies involved, but it remains committed to the domestic offshore oil and gas sector as the UK transitions to net zero greenhouse gas emissions. The UK's North Sea regulator plans later this year to hold the first oil and gas licensing round for new fields since 2020.Shell's decision last December to pull out of the project was taken two weeks after COP26 - a high profile global climate conference in Glasgow - and was roundly welcomed by environmental campaigners, who described Shell's decision as a hammer blow to the project. Tessa Khan, director of environmental group Uplift, said new North Sea oil and gas assets like Cambo would not help bring down prices or secure UK energy security of supply.
Related companies
Make a complaint about Shell by viewing their customer service contacts.
