Shell is reportedly reconsidering its decision to withdraw from the proposed Cambo oil field development west of Shetland.
In December, the oil and gas giant justified its decision saying that the economic case for investment in this project was not strong enough at that time.
In recent weeks, the war in Ukraine has intensified the government’s efforts to boost the UK’s domestic oil and gas production and cut ties with the Russian fossil fuels.
A few months ago, Shell said: “Continued investment in oil and gas in the UK remains critical to the country’s energy security. As Shell works to help accelerate the transition to low carbon energy, we remain committed to supplying UK customers with the fuels they still rely on, including oil and gas.
“We believe the North Sea – and Shell in it – have a critical role to play in the UK’s energy mix, supporting the jobs and skills to enable a smooth transition to Britain’s low carbon future.”
Responding to the reports, the Green Party tweeted: “Shell are reconsidering their decision to pull out of Cambo – this won’t drive down domestic fuel prices or increase energy security, but it will add to their record profits.”
The International Energy Agency had also called for an end to new oil and gas exploration.
Located approximately 125 kilometres to the west of Shetland, the Cambo oil field could see drilling start as early as 2022 if approved by the Oil and Gas Authority.
Philip Evans, oil and gas transition campaigner for Greenpeace UK, said: “The type of oil that can be extracted from Cambo is not usable in the UK, so this project will do nothing to tackle high bills or shore up energy security.
“Shell’s reported flip-flopping on Cambo shows exactly why we need to get off oil and gas and move towards homegrown renewable energy.”
ELN contacted Shell – they declined to comment.