Shell forgo oilfield development in North Sea

Shell refrains from further development of an oilfield in the North Sea. The oil and gas company says that there is insufficient economic benefit to be achieved in the project; the risk of delays would also be high.

For

a long time, there has been a lot of criticism of Shells plans to drill for oil in the Cambo oil field, near the Shetland Islands northeast of Scotland. Greenpeace intended to file a lawsuit against Shell because of the drilling plans. The environmental organization is pleased to say that the development of the Cambo-field seems to be a โ€œdeadly blowโ€.

Shell is just a shareholder of the oilfield. The majority of the shares are owned by the British Siccar Point Energy. He says shes disappointed in Shells decision. According to the shareholder, the Cambo-field is important for the United Kingdoms energy security.

Siccar Points top man, together with the British government, says he will further investigate the development of the oil field. The oilfield most likely accounts for 170 million barrels of oil.

The United Kingdom wants to be CO2 neutral by 2050.