North Sea oil project halted in wake of Shell’s withdrawal – live updates

North Sea oil project halted in wake of Shell’s withdrawal – live updates

A major North Sea oil project has been halted just a week after Shell pulled out of the development. The development of the Cambo oilfield will be put on hold, according to the boss of Scottish energy firm Siccar Point, which holds a 70pc stake. Jonathan Roger said the decision by Shell – which owns the remaining 30pc – to withdraw from the project meant it would be put “on hold in the short-term”, though it said discussions with the oil giant were ongoing. The Cambo project has been subject to criticism from environmental activists, who say new fossil fuel projects clash with the UK’s net zero strategy. T he boss of Ovo Energy has cast doubts over the Government's decision to temporarily nationalise rival Bulb, adding to mounting criticism of the handling of the energy crisis. Ministers last month appointed a special administrator for Bulb, rescuing it from collapse at a cost of £1.7bn to taxpayers. Industry officials have since questioned the move, saying cheaper options were available. Stephen Fitzpatrick, chief executive of Ovo – which is the UK's second largest supplier – told Bloomberg: "It's a bit of a mystery. There were very workable solutions on the table."