Controversial North Sea oil project on hold
Siccar Point Energy said it's hitting pause on plans for an offshore oil project in the U.K., a move that comes after 30% partner Shell pulled out of the effort.
Why it matters: The Cambo project has faced activist opposition and saw intense scrutiny when the U.K. hosted the COP26 climate conference last month in Glasgow, Scotland.
- The New York Times reported recently that it has "become a crucial test case for the British government, environmental groups and the oil industry."
What they're saying: "Following Shell’s announcement last week, we are in a position where the Cambo project cannot progress on the originally planned timescale. We are pausing the development while we evaluate next steps," Jonathan Roger CEO of private equity-backed Siccar, said in a statement.
- But he said they continue to believe it's a "robust project that can play an important part of the UK’s energy security."
Go deeper: A new warning on oil investment