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Shell U-turn on Cambo oilfield would threaten green targets, say campaigners
(The Guardian, 22 Mar 2022) Company is reviewing decision to withdraw from North Sea project because of high oil price, report claims.
Climate activists have reacted with concern to reports that Shell is reconsidering its decision to abandon development of the Cambo oilfield, warning that such a reversal would further threaten emissions reductions targets.
The fossil fuel producer could U-turn on a decision to pull out of the North Sea project because the “economic, political and regulatory environment had changed enormously since the decision was announced just three months ago”, according to sources cited by the BBC.
The Brent crude oil price was below $70 (£53) a barrel in December when Shell announced the long-expected decision on Cambo, but since then prices have surged – reaching $116 on Tuesday morning – in part because of concerns Russian supplies could be disrupted or blocked because of its invasion of Ukraine.
The price rise has prompted analysts across the fossil fuel industry to re-examine the economics of projects. Shell is thought to still have its own analysts assigned to the Cambo project, in which it still owns an interest.
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The Guardian, 22 Mar 2022: Shell U-turn on Cambo oilfield would threaten green targets, say campaignersMore Related News
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