Shell U-turn on Cambo could mean end for big North Sea oil projects

Industry sources say Siccar Point will struggle to find new partner to take on Shell’s 30% stake in oilfield

Shell’s decision to back out of plans to develop the Cambo oilfield could sound the “death knell” for new large-scale North Sea projects, industry figures say, as the UK’s tougher climate agenda prompts oil companies to retreat from the ageing oil basin.

Sources said Shell’s project partner, the private equity-backed Siccar Point, would struggle to find another partner to take on Shell’s 30% stake in the new oilfield, which has provoked outrage among green campaigners.

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