“aAfter a comprehensive review of the Campo project, Shell indicated in a statement issued on Thursday evening that it concluded that “the economic interest in investing in this project is not strong enough at the present time.”
The project, which is awaiting the green light from the British government, became a cause for protest by environmental organizations during the COP26 climate summit in Glasgow, which took place in November.
Earlier, in early October, Greenpeace organized a demonstration in London, which resulted in the arrest of several activists.
The Campo oil field, owned 70% by Siccar Point Energy and 30% by Shell UK, contains the equivalent of more than 800 million barrels of oil, of which 170 million will be extracted in the first phase of the project.
Greenpeace welcomed Shell’s decision “should be the final blow to Campo,” saying the government was “increasingly alone in supporting the oil field”.
Oxfam, for its part, welcomed the “positive” decision, and called on the executive branch to “veto the exploration of Campo and other oil fields in the UK.”
The final COP26 agreement organized by the UK in Glasgow for the first time explicitly blamed fossil fuels as the main cause of global warming, calling for an “end of ineffective subsidies” to these energies.
However, the British Prime Minister, Boris Johnson, has avoided committing to end oil drilling in the UK.
The British government wants 75% of electricity to come from clean sources by 2035 and hopes to achieve carbon neutrality by 2050, but continues to rely on natural gas for energy production.
“Continued investment in UK oil and gas remains essential to the country’s energy security,” Shell said in the statement, adding that “the North Sea – and Shell – have a critical role in the energy mix of the UK.”
Read also: Shell wants to move its headquarters from the Netherlands to the UK
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