Dec 10, 2021 - Energy & Environment

Controversial North Sea oil project on hold

Climate activists protesting the Cambo project during the Cop26 summit in Glasgow in November 2021.

Climate activists protesting the Cambo project during the COP26 summit in Glasgow, Scotland, in Nov. 2021. Photo: Jane Barlow/PA Images via Getty Images

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."

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