Shell could be poised for Cambo u-turn in the wake of Ukraine war
Reports the energy giant is considering rejoining the controversial project off the coast of Shetland
Last updated 22nd Mar 2022
Shell is reported to be reconsidering its decision to pull out of the controversial Cambo oilfield in the North Sea in the wake of the Russian invasion of Ukraine and the global spike in the price of crude oil.
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 a barrel, with fears over the future of Russian oil sending prices soaring.
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Nothing official yet
It's understood the company's official position remains the same, but there is an acknowledgement that the context the decision was made in three months ago has changed.
Environmental groups have long opposed the proposed field, warning it would jeopardise hundreds of species in the ocean.
Scottish Government opposition
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.
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