Shell has said that it will no longer be developing the controversial Cambo oil field in the North Sea.
The oil giant said in a statement that it “concluded the economic case for investment in this project is not strong enough at this time, as well as having the potential for delays”.
Siccar Point is the group that also owns the oil field along with Shell. The group said in a statement: “Shell has taken the decision to not progress its investment at this stage”.
“Whilst we are disappointed at Shell’s change of position… we will continue to engage with the UK government and wider stakeholders on the future development of Cambo.”
The development of the Cambo oil field was controversial as Britain aims to be net-zero by 2050.
“This really should be the deathblow for Cambo,” said Philip Evans, oil campaigner at Greenpeace UK. “With yet another key player turning its back on the scheme the government is cutting an increasingly lonely figure with their continued support for the oil field.”