Shell pulls out of Cambo oil field in the UK North Sea
Siccar Point Energy confirms that its partner in the Cambo development, Shell, will not progress its investment at this stage.
Jonathan Roger, CEO of Siccar Point Energy says, 'Cambo remains critical to the UK’s energy security and economy. Whilst we are disappointed at Shell’s change of position, we remain confident about the qualities of a project that will not only create over 1,000 direct jobs as well as thousands more in the supply chain, but also help ease the UK’s transition to a low-carbon future through responsibly produced domestic oil instead of becoming even more dependent on imports, with a relatively higher carbon intensity. We will continue to engage with the UK Government and wider stakeholders on the future development of Cambo.
'Given Shell’s decision, we are now in discussions with our contractors, supply chain and wider stakeholders to review options for this important development.'
Earlier this year, Cambo underwent a Net Zero Stewardship Expectation review by the UK's Oil and Gas Authority regulatory body, which informed the field development plan.
Siccar Point Energy says the development will be on average 50% lower in emissions from the outset than existing fields thanks to a vast range of measures and it will also be built electrification ready to take power from renewable energy when feasible.
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