hell has announced it is pulling out of the controversial Cambo oil field project.
The company, which has 30% equity in the development off the west coast of Shetland, said it had concluded the economic case for investment was “not strong enough”.
In a statement, Shell said: “Before taking investment decisions on any project we conduct detailed assessments to ensure the best returns for the business and our shareholders.
“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.”
The Government is cutting an increasingly lonely figure with their continued support for the oil field
The decision was welcomed by environmental groups including Greenpeace which said the decision should mark the “death blow” for Cambo.
Philip Evans, oil campaigner at Greenpeace UK, said: “With yet another key player turning its back on the scheme the Government is cutting an increasingly lonely figure with their continued support…
