North Sea oil field shuts down after shale withdrawal

North Sea oil field shuts down after shale withdrawal

Posted on December 24, 2021

The Cambo oilfield project off the coast of Scotland has suffered a serious setback in the wing. Vishal Shell, which held 30% of the shares, decided to withdraw due to economic reasons, which brought the site to a standstill. The project has been condemned by environmental NGOs who call for it to be abandoned by British Prime Minister Boris Johnson.

Shell has decided to withdraw from the Cambo oil project in the Shetland Islands, Scotland. The hydrocarbon giant explained this decision by the fact that “The economic interest in the project was not strong enough at this timeThis resulted in suspension of work. The Cambo field holds more than 800 million barrels of oil equivalent, of which 170 million were to be extracted in the first phase of the project. It was 30% owned by Shell and 70% by. Sikkar Point Energy

“Following Shell’s announcement last week, the (…) Cambo project may not proceed according to the schedule that was originally planned. We are suspending development and will assess next steps”, explained Jonathan Roger, managing director of Siscar Point Energy. he remembered”That Cambo was a solid project that could play an important role in the UK’s energy security (…) by reducing imports. more polluting and “Supporting an equitable energy transition,

“No green light for new oil fields”

The project, awaiting a green light from the British government, has for several months become a hobby for British environmental NGOs, who are calling for it to be abandoned. In mid-October, Greenpeace tainted a giant statue of British Prime Minister Boris Johnson with spurious oil to ask him to stop the Cambo oil field. At the statue’s feet, a plaque reads “Cambo Oil Field: Johnson’s Monumental Climate Failure”.

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“I don’t think we can continue to give the green light to new oil fields. So I don’t think Cambo should get the green light.This was recently said by Scottish Prime Minister Nicola Sturgeon, host of the COP26 climate change conference in November. Energy, on which the country is heavily dependent, produces only 48% of its energy supply in the face of rising gas prices.

Concepcion Alvarez placeholder image @conce1 with AFP

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