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Shell pulls out of Cambo oilfield project
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Shell has pulled out of a controversial new oilfield off the Shetland Islands, plunging the future of oil exploration in the area into doubt.
Shell, which was planning to exploit the field along with the private equity-backed fossil fuel explorer Siccar Point, cited a weak economic case as its reason for deciding not to go ahead with the project.
“After comprehensive screening of the proposed Cambo development, we have concluded the economic case for investment in this project is not strong enough at this time, as well as having the potential for delays,” Shell said.
Climate campaigners said the move by Shell was a “deathblow” for the controversial project, which has seen fierce opposition from activists across the UK.
The UK government was
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