Shell ‘reconsidering’ its withdrawal from Cambo

Shell is reconsidering its decision to pull out of the controversial Cambo oil field development west of Shetland, according to reports.

The oil giant had said in December that the economic case to continue its involvement in the development had resulted in it withdrawing.

But according to the BBC today (Tue), they are reconsidering their position given the economic, political and regulatory environment having changed. There has been a massive rise in oil prices– from $70 for a barrel of crude in December to around $140 a barrel – particularly following the invasion of Ukraine by Russia.

Shell has still not sold its stake – about 30 per cent – in the field, the report said.

The oil firm’s decision to pull out four months ago came just after the COP26 conference and strong opposition by environmental campaigners.