EQNR - Cambo oilfield officially on hold following Shell's exit

Development of the Cambo oilfield, a heavily protested North Sea oil project acquired by Siccar Point Private Equity in 2018, has been put on hold today following the exit of partner Shell (NYSE:RDS.A) earlier this month Siccar is now analyzing potential next steps for the project, which is thought to hold more than 800mb of reserves With the UK Government facing legal challenges from Greenpeace over plans to allow oil & gas exploration in the face of the Country's 2050 net zero goals, politicians began to backpedal on Cambo's approved status; Scotland's First Minister having indicated her belief that the project should not move forward With greenhouse gas emission plans overriding job creation, record prices at the pump, and the need for domestic investment at Cambo, all eyes turn to Equinor (NYSE:EQNR) and BP (NYSE:BP), who are currently appraising similar assets in the UK North Sea

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Cambo oilfield officially on hold following Shell's exit