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Activists hail Shell's withdrawal from the Cambo oil field project as a victory
Activists from Friends of the Earth during a demonstration calling for an end to all new oil and gas projects in the North Sea, starting with the proposed Cambo oil field, outside the UK Government's Cop26 hub during the Cop26 summit in Glasgow
CAMPAIGNERS have hailed Shell’s withdrawal from the Cambo oil field project off Shetland as a victory for activists after months of fighting against the proposals.
The company, which has 30 per cent equity in the development off the west coast of Shetland, said that it had concluded the economic case for investment was not strong enough.
Private equity firm Siccar Point Energy, which owns a majority stake in the field, said that it was “disappointed at Shell’s change of position,” but added: “We will continue to engage with the UK government and wider stakeholders on the future development of Cambo.”
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