juillet 4, 2022

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Work on the controversial Campo oil field halted after Shell pulled out | Business News

The company behind the controversial Campo oil field said work on the project is on pause – after oil giant Shell pulled out last week.

Siccar Point, which owns 70% of the North Sea project off Shetland, said it would now « evaluate the next steps ».

The project has become a focal point for activists seeking to halt the development of new oil and gas resources as Britain aims to become a carbon-neutral economy by 2050.

picture:
Environmental activists campaigned against the scheme

Environmental groups cheered Last week’s decision By Shell to pull out despite concerns by others that such projects would be scrapped, making the UK increasingly dependent on external sources for its energy needs.

According to Siccar Point, Cambo could produce the equivalent of 170 million barrels of oil and 53.5 billion cubic feet of gas over 25 years.

Chief Executive Officer Jonathan Roger said: “Following Shell’s announcement last week, we are in a position where the Campo project cannot progress on schedule as originally planned.

“We are pausing development while we evaluate next steps.

« We continue to believe that Cambo is a robust project that can play an important role in UK energy security, providing domestic energy supplies and reducing carbon-intensive imports, while supporting a fair transition. »

Shell, which holds a 30% stake in the project, said last week that it had « concluded that the economic case for investment in this project is not strong enough at this time, as well as the potential for delays. »

Shell’s decision does nothing to help the green energy transition

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Earlier this year, Scotland’s First Minister Nicola Sturgeon urging the government To reassess the oil field license given the climate emergency.

UK Oil and Gas, an industry body, earlier warned of the impact of blocking long-planned energy projects such as Campo on energy security.

Scottish Conservatives said Siccar Point Energy’s decision was « extremely concerning ».

« Without investing in these projects, we risk becoming more dependent on foreign imports rather than tapping into Scotland’s domestic oil and gas reserves, » said Liam Kerr, the party’s net-zero shadow secretary.