This Could Mean The End To Cambo Oil Field Development

Shell announced on Thursday that it would no longer proceed with its investment in the Cambo oil field. Shell had a 30% stake in the Cambo oilfield, in the UK’s North Sea, with Siccar Point Energy holding the remaining 70% stake. Siccar expressed its disappointment in Shell’s exit, and said it would need to review its options for Cambo. For Shell, the reason to exit the project was the potential for delay as well as a lack of strength of economics. Cambo was estimated to be capable of producing 175 million barrels of oil in its first…