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Why is the Cambo Oilfield difficult for Shell?

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Usually, the world of oil and gas is not a responsive world. Usually things will happen quickly

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So it was surprising to hear that after just three months, Shell is considering reviving the controversial Cambo projectA lot has changed in just a few weeks. where energy prices rose suddenly But it's still a tough bet for them.Shell and Siccar Point Energy did not officially comment on the reportThere is no doubt that the reason Shell was suspended - as a minority shareholder - was because of the reputation it gained. Chief Executive Ben Van Beurden spoke about his ambitions to be a net zero emissions business by 2050, which Greenpeace describes as "Freaking and delusional"

But Cambo has become a prime target for environmental lobbyists in 2021 as world leaders gather in Glasgow for the Cop26 UN climate change summit.A month later, Shell walked away from Cambo, announcing that they were no longer willing to invest. The western seat of Shetland is a large and profitable oil field. And even though it's priced at $70 a barrel, It will also bring more cash.It's obviously more lucrative now that the same barrel can attract a $115 price tag.


'Little feeling'

Their message is the same, with Uplift's Tessa Khan saying it makes sense. "Today is the same as last year.Friends of the Earth Scotland said it would "lock us in with a crumbling fossil fuel energy system that is unaffordable for millions of households".But Shell will use its banking on those voices drowned out by the outcry to resolve the energy security conundrum with the UK government determined to rid us of Russian gas.

 

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