{"id":13574,"date":"2022-03-22T00:32:04","date_gmt":"2022-03-22T00:32:04","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/03\/22\/shell-reconsiders-its-exit-from-oil-field-off-shetland\/"},"modified":"2022-03-22T00:32:04","modified_gmt":"2022-03-22T00:32:04","slug":"shell-reconsiders-its-exit-from-oil-field-off-shetland","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/03\/22\/shell-reconsiders-its-exit-from-oil-field-off-shetland\/","title":{"rendered":"Shell reconsiders its exit from oil field off Shetland"},"content":{"rendered":"
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Energy giant Shell is reconsidering its recent decision to divest investment from a major new UK oil field, according to the BBC. <\/b><\/p>\n<\/div>\n

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In December Shell said the economic arguments – coupled with possible regulatory delays – mean a withdrawal from the Cambo oil field, which is 75 miles off the west coast of Shetland. <\/p>\n<\/div>\n

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At that time, the price of crude oil was below $70 a barrel.<\/p>\n<\/div>\n

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Since then, it has doubled that price and is consistently above $100. <\/p>\n<\/div>\n

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Oil prices are volatile amid fears that Russian oil will either be shunned or cut off. <\/p>\n<\/div>\n

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A desire to reduce Europe’s dependence on Russian exports has also made the UK government poised to accelerate investment in domestic fossil fuels. <\/p>\n<\/div>\n

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Shell has not yet sold its holdings in this area. Sources close to the matter said that while the company’s official position has not changed, it recognizes that the economic, political and regulatory environment has changed tremendously since the decision was announced just three months ago. <\/p>\n<\/div>\n

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Shell resubmitted an application to develop the Jackdaw North Sea gas field off the east coast of Scotland last week after being rejected by environmental regulators in October. <\/p>\n<\/div>\n

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The company said it modified the chemical processes involved in gas production to meet regulatory requirements. <\/p>\n<\/div>\n

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The UK government said investment decisions are a commercial matter for the companies involved, but it remains committed to the domestic offshore oil and gas sector as the UK moves towards net-zero greenhouse gas emissions. <\/p>\n<\/div>\n

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    \n
  • What does net zero mean?<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    Britain’s North Sea regulator plans to hold the first oil and gas licensing round for new fields since 2020 later this year. <\/p>\n<\/div>\n

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    Shell’s decision last December to pull out of the project came two weeks after COP26 – a high-profile global climate conference in Glasgow – and was roundly welcomed by environmentalists, who described Shell’s decision as a hammer blow to the project. <\/p>\n<\/div>\n

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    Tessa Khan, director of environmental group Uplift, said new oil and gas installations in the North Sea like Cambo would not help drive down prices or ensure Britain’s energy security. <\/p>\n<\/div>\n

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    “As opposed to what [Business Secretary] Kwasi Kwarteng said it’s not ‘our oil,'” she said.<\/p>\n<\/div>\n

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    \u201cIt is owned by Shell, which will sell it abroad to the highest bidder. According to the government’s own figures, 80% of North Sea oil is loaded onto tankers and exported. <\/p>\n<\/div>\n

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    \u201cIt will generate CO2 emissions equivalent to those of 18 coal-fired power plants when we are already seeing the effects of the climate crisis. Cambo makes no more sense today than it did last year.\u201d<\/p>\n<\/div>\n

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    The government will present its energy supply strategy early next week.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Energy giant Shell is reconsidering its recent decision to divest investment from a major new UK oil field, according to the BBC. In December Shell said the economic arguments – coupled with possible regulatory delays – mean a withdrawal from the Cambo oil field, which is 75 miles off the west coast of Shetland. At […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-13574","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nShell reconsiders its exit from oil field off Shetland - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/03\/22\/shell-reconsiders-its-exit-from-oil-field-off-shetland\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shell reconsiders its exit from oil field off Shetland\" \/>\n<meta property=\"og:description\" content=\"Energy giant Shell is reconsidering its recent decision to divest investment from a major new UK oil field, according to the BBC. 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