“Cambo remains critical to the UK’s energy security and economy,” Siccar Point Chief Executive Officer Jonathan Roger said in a statement.
Britain’s government has also responded to the IEA report by saying energy security is important. During the COP26 climate conference which was held under British auspices last month, Britain also declined to join an alliance of countries pledging to stop new oil and gas developments on their territory.
“Whilst we are disappointed at Shell’s change of position … we will continue to engage with the UK Government and wider stakeholders on the future development of Cambo,” él dijo.
Friends of the Earth, an activist group which won a climate court case against Shell in the Netherlands this year applauded the move.
“The future of the project is now in serious doubt — como debería ser. There is no need for a new oil field during a climate crisis,” the group said on Twitter.
Shell owns 30% in the project, while Siccar Point, which operates it, holds the remaining 70%. The field could produce up to 170 million barrels of oil equivalent and 53.5 billion cubic feet of gas over 25 años, according to Siccar Point.
It was unclear whether the field could be developed without Shell’s support.
Shell faced another setback for its plans in the British North Sea in October when a regulator rejected plans to develop the Jackdaw gasfield after considering its environmental statement, industry sources said.