Shell scraps UK North Sea Cambo project
UK
ABERDEEN, December 2, 2021 – Shell has pulled out of developing the Cambo oilfield in the UK’s North Sea, the Anglo-Dutch multinational announced on Thursday.
The company concluded that the economic case for further investment was no longer valid given the current period and potential for delays.
The project has been heavily opposed by environmental groups and activists seeking to shut down oil and gas activity on the UK’s continental shelf.
Shell holds a 30% share of the development.
Siccar Point, who holds the remaining operating 70% share, intends to continue with the project, which is currently awaiting approval by the UK government.
First oil is expected to be hit in Q4 2025.
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