Daily Times

Royal Dutch Shell has exited the planned Cambo oilfield project off the Scottish coast because of insufficient financial gain, as energy firms face fierce pressure to switch to greener fuels. Shell, which has a 30-percent interest in the North Sea development, said late Thursday that the investment case was simply “not strong enough”. The decision comes after major powers last month agreed at the COP26 climate summit in Scotland to curb the use of fossil fuels. Shell faces increased pressure from activists on how the company is run, with the world moving towards net zero emissions targets. Cambo, which is still awaiting the green light from the UK government, has been plagued by protests from environmental campaigners — and also faces opposition from Scotland’s First Minister Nicola Sturgeon on climate grounds. “After comprehensive screening of the proposed Cambo development, we have concluded the economic case for investment in this project is not strong enough at this time, as well as having the potential for delays,” Shell said in a statement. Siccar Energy, which holds the remaining 70-percent stake, expressed disappointment at the news. Greenpeace declared that Shell’s decision should mark the death knell for the project, which is estimated to contain the equivalent of some 800 million barrels of oil.