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Cambo oil field development halted indefinitely

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Days after Shell pulled out of the Cambo oil field development, Siccar Point Energy has now put the whole build on pause indefinitely. Citing time constraints as a big hindrance, could this finally be the end of the controversial project?

Who would’ve thought building a multi-million pound fossil fuel factory amidst a climate crisis would create so much controversy?

Uneconomic and ill advised plans to drill for oil deep under the sea at Cambo in the northwest of Shetland are once again under major threat. Merry Christmas everyone!

Following the pull-out from key investor Shell (and its 30% stake) just days ago, the whole project has now been put on ice indefinitely. The snowball effect appears to be well and truly underway and whether Cambo will go ahead at all remains uncertain.

 

Cambo oilfield under threat

Lamented since the day it left the drawing board in 2017, the plan to drill in the North Sea met its strongest opposition throughout the two weeks of COP26.

Campaigners demonstrated against Shell, Siccar Point Energy, and Boris (of course) on a daily basis bemoaning the blatant hypocrisy of making bold net zero commitments whilst investing in fossil fuels. While most were a tad ridiculous, the message appears to have gotten through.

The UK government was even facing legal action from Greenpeace over its decision to tick off blueprints in March – as well as staunch opposition from Scotland’s first minister Nichola Sturgeon, and the International Energy Agency.

Shell cited a lack of economic incentive as the reason it withdrew days ago, all but forcing the hand of Siccar Point Energy to halt progress. β€˜Following Shell’s announcement last week, we are in a position where the Cambo project cannot progress on the originally planned timescale,’ said chief executive Jonathan Roger.

However, there is still the potential for another investor to join the party (should it want to kill its public relations stone dead). Still believing Cambo to be a β€˜robust project that can play an important part of the UK’s energy security,’ Siccar Point Energy is now resigned to playing the waiting game.


Setting a precedent for change

Are the winds of change finally a’blowing, or is it just a short breeze?

With financing to overseas fossil fuel projects massively upended at COP26, we’re all but left to contend with domestic challenges. Cambo now being up in the air means that’s possibly one ticked off the to do list already.

Speaking of today’s developments, Tommy Vickerstaff at 350.org stated: β€˜This is huge and brilliant news for the StopCambo campaign, and it is a testament to the power of protest.’

It is worrying, however, that it’s taken logistical issues to upend the build and not a change of heart from policymakers. As Vickerstaff rightly says, we now need β€˜to see more leadership from governments to end coal, oil, and gas extraction.’

If you aren’t holding your breath for governmental U-turns on fossil fuels (and fair enough), instead take optimism from the fact they’re becoming less economically viable as renewable energies transform the energy industry – certainly in the west, anyway.

Take the hint Siccar, it’s time to knock it on the head.

Senior Writer London, UK

I’m Jamie (He/Him), the Editor in Chief at Thred. Keeping up with gaming and revolutionary technology is my forte, but when away from my keyboard, you’ll probably find me wrapped around a large Tango ice blast at the latest mediocre horror flick. Follow me on Twitter, LinkedIn and drop me some ideas/feedback viaΒ email.

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