Status: 03.12.2021 at 12:35 PM.
Environmentalists have long opposed a planned oil field off the Scottish coast. Now they’re unexpectedly getting a tailwind — from an oil multiple of all things: Shell is withdrawing from the project.
The development of the Cambo oil field, west of the Shetland Islands, has long been controversial. Shell has now announced that it will withdraw from its 30 per cent stake. The official justification for the move is that the economic arguments for investment are not strong enough. However, environmentalists, commentators and the Labor Party believe that Shell also wants to protect its image from damage by this decision.
The Scottish Government is against the project
Scottish Prime Minister Nicola Sturgeon argued last month that Cambo should not be given the green light. According to Edinburgh, the unlimited promotion of fossil energy is inconsistent with obligations to protect the climate. Whether oil can be extracted or not is not decided by the regional government, but is made at the national level. Greenpeace had already announced that it would file a lawsuit in the event of an affirmative decision. The environmental organization now hopes that the project died after Shell was withdrawn.
Oil production for 25 years?
As things stand, main shareholder Siscar Point Energy intends to stick to planned oil production. This is vital to the UK economy and energy security, the company emphasizes. If the relevant British authority, the Oil and Gas Authority, permits, oil could be produced in the west of Shetland for the next quarter of a century as early as next year.
Shell withdraws from oil field development in North Atlantic
Imke Kohler, ARD London, December 3, 2021 at 12:39 pm.
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