22nd Mar 2022 06:43
(Alliance News) - Shell PLC is reconsidering its decision to pull out of the Cambo oil field in the North Sea, the BBC reported on Tuesday.
The oil major, having announced plans to exit the field in December, is yet to sell the assets, the BBC noted.
While its position has not completely changed, Shell believes the market environment since it made the decision has, the BBC said.
https://www.bbc.co.uk/news/business-60825744
Shell in December said it decided to pull out of its plan to develop the Cambo oilfield.
The planned oilfield, which was set to produce around 132 million tonnes of carbon during its lifetime, drew a volley of criticism from activists.
The oil major had said that, after "comprehensive screening", it decided against the oilfield as the economic case for the investment was "not strong enough". It also mentioned that there would have been potential for delays.
However, oil prices have surged since Shell made that decision, with Brent crude pushing above the USD130 a barrel mark earlier in March.
Oil prices jumped in the wake of Russia's invasion of Ukraine. At the time Shell announced plans to exit Cambo, Brent fetched around USD70 a barrel.
By Eric Cunha; [email protected]
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