EQNR - Shell walks from UK North Sea greenfield project

With North Sea oil prices (CO1:COM) recently hitting an 8-year high, and European natural gas prices at record levels, Shell (NYSE:RDS.A) has elected to walk away from controversial UK North Sea oil project Cambo The project has come under scrutiny from environmental groups, namely Friends of the Earth Scotland, who believe that fossil fuels must be left in the ground Shell has indicated the project simply doesn't pencil economically and shown no signs of caving to activist pressure Given that the Company is walking away, rather than selling to another oil producer, it would seem that in fact the project economics are marginal Peers Equinor (NYSE:EQNR) and BP (NYSE:BP) are currently appraising UK North Sea oil developments Rosebank and Clair South; with local industry flagging and record fuel prices, UK oilfield workers and consumers likely hoping these two projects can make the economic math pencil

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Shell walks from UK North Sea greenfield project