Cambo, an oil project off the coast of Scotland, is interrupted by its owner

An oil project off the Scottish coast that has become a test of the environmental credentials of Great Britain was shelved by its prima...


An oil project off the Scottish coast that has become a test of the environmental credentials of Great Britain was shelved by its primary owner on Friday.

The decision to shut down Cambo, as the oilfield is called, is a huge victory for environmental groups like Greenpeace, and a blow to the North Sea Oil Industry. It comes just over a week after Shell, which owns 30% of the project, pulled out of the investment.

“We are on hold on development while we assess next steps,” said Siccar Point Energy, a London-based company backed by private equity firms including Blackstone, the money management giant.

Siccar Point said it planned to invest $ 2.6 billion in Cambo and had already spent $ 190 million in the field since its acquisition in 2017. The company said the development of Cambo, a potential source valuable oil and natural gas, would have created 1,000 jobs. .

Environmental groups, on the other hand, have said starting new drilling projects was not compatible with Britain’s goals of tackling climate change and achieving zero net greenhouse gas emissions. greenhouse by 2050. The UK government plans to let Cambo go ahead.

Located in the northwest of the Shetland Islands in Scotland, Cambo has become the target of protests, especially during the recent United Nations climate summit in Glasgow. Scottish First Minister Nicola Sturgeon said she did not think she needed to be given the green light.

On December 2, Shell declared he wouldn’t go ahead with the investment because the economic argument was not strong enough.

Shell’s decision, which was also prompted by the potential for delays in protests and lawsuits, led Siccar Point to decide that it could not “move up the originally planned timescale,” the company said.

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Newsrust - US Top News: Cambo, an oil project off the coast of Scotland, is interrupted by its owner
Cambo, an oil project off the coast of Scotland, is interrupted by its owner
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