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 signal the “death knell” for new large-scale North Sea projects as the UK’s tougher climate agenda prompts oil companies to retreat from the ageing oil basin.
Industry sources have said that Shell’s project partner, the private-equity backed Siccar Point, would struggle to find a partner to take on Shell’s 30% stake in the new oilfield which has provoked outrage among green campaigners.
