Remember The COP-26 "Victory" When Shell Dumped Cambo Field? They're "Reconsidering" Drilling
Climate activists have reacted with concern to reports that Shell is reconsidering its decision to abandon development of the Cambo oilfield, warning that such a reversal would further threaten emissions reductions targets.
The fossil fuel producer could U-turn on a decision to pull out of the North Sea project because the “economic, political and regulatory environment had changed enormously since the decision was announced just three months ago”, according to sources cited by the BBC.
The Brent crude oil price was below $70 (£53) a barrel in December when Shell announced the long-expected decision on Cambo, but since then prices have surged – reaching $116 on Tuesday morning – in part because of concerns Russian supplies could be disrupted or blocked because of its invasion of Ukraine.
EDIT
Shell has argued that it has reached its targets so far in its plan to hit net zero emissions, but said it should not move faster than society at large in cutting oil use. It has also pointed to its investments in low-emission technologies such as public electric car chargers and hydrogen production. Shell declined a request to comment on the latest reports.
EDIT/END
https://www.theguardian.com/business/2022/mar/22/shell-cambo-oilfield-green-targets-north-sea-oil-price