According to the company, a comprehensive analysis of plans to exploit Cambo, a field outlined to the west of Scotland’s Shetlands islands, showed that the economic benefits are not strong enough at the moment, plus there are possibilities of delays to put the project into motion.
The announcement by Shell, which held 30 percent of the shares, was greeted with rejoicing by environmental organizations and environmental defenders who have been demanding for years that the British government prohibit exploration and exploitation permits.
Shell is out! This is the beginning of the end of Cambo, said on Twitter the environmental group Stop Cambo, which warned, however, that it will not rest until the entire project is shut down.
Greenpeace’s UK affiliate, which last October lost a legal challenge to force the government to reverse a permit granted to British Petroleum to operate in a neighboring North Sea field, said the Anglo-Dutch oil company’s withdrawal should be seen as a death blow to Cambo.
The right decision to ensure the UK’s energy security is to speed up the introduction of renewable sources and ensure that the interests of oil and gas workers are protected through a fair transition, said Labour MP and well-known environmentalist Ed Miliband.
The company Siccar Point Energy, which shared the Cambo project with Shell, promised to look for alternatives to continue exploration, while the government limited itself to saying that it is a commercial decision taken independently by the Anglo-Dutch transnational.