Shell withdraws from Cambo oil field development

Shell withdraws from Cambo oil field development

06 Dec 2021

Royal Dutch Shell has withdrawn from the Cambo oil field development, offshore Scotland, citing the weak economics of the project.

The oil and gas major holds a 30% non-operating stake in the UK North Sea field. Siccar Point holds the remaining 70% stake in the offshore field which has been facing opposition from various climate activists.

Shell said that following a detailed assessment, it has come to the conclusion that the economics of the Cambo oil field project were not strong enough. The company revealed that it is also concerned about the delays in the project.

Located 125km northwest of the Shetland Islands, the Cambo oil field is estimated to yield up to 170m barrels of oil equivalent and 53.5bn cubic feet of gas over 25 years.

Siccar Point said that the project continues to be critical to the British economy and energy security.

The Cambo oil field was discovered in 2002. A final investment decision (FID) on the field development is due to be taken in the second half of this year.

For more information visit EICDataStream.

Read more from Industry News
ExxonMobil, Sabic start operations at petrochemical plant in US
Read More
Norway awards 53 offshore licenses to 28 companies in APA 2021 round
Read More
Texas LNG, Enbridge sign deal to expand Valley Crossing Pipeline
Read More

Newsletter Sign Up

As a non-member, you can sign up for the EICOnline weekly bulletin free of charge. EIC Online delivers industry news direct to your mailbox. Subscribe here for the EIC’s free weekly newsletter.

First Name
Last Name
Company Name
Work Email
Job Title
Areas of Interest