Shell reconsidering decision to pull out of Cambo oilfield – report
Work on the proposed development off the west coast of Shetland stopped in December.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Energy company Shell is reportedly reconsidering its decision to pull out of the controversial Cambo oilfield.
Work on the proposed development off the west coast of Shetland was paused in December after Shell decided to withdraw from the project, concluding the economic case for investment was “not strong enough”.
However, the price of oil has since risen to more than 100 dollars (£76) a barrel, with fears over the future of Russian oil sending prices soaring.
Sources have told the BBC that although the company’s official position remains the same, it did acknowledge the “economic, political and regulatory environment had changed enormously” in the three months since Shell announced it was pulling out of the project.
Environmental groups have long opposed the proposed field, warning it would jeopardise hundreds of species in the ocean.
In November, Scotland’s First Minister Nicola Sturgeon said the project should not go ahead.
It followed months of pressure from opposition parties and campaigners for the Scottish Government to make its position on Cambo clear.
Industry body Oil and Gas UK previously said blocking long-planned energy projects like Cambo would risk leaving the UK at the mercy of global energy shortages.