Cambo oilfield project paused following Shell withdrawal
Published by Nicholas Woodroof,
As reported by Reuters, Siccar Point CEO Jonathan Roger said on Friday that Shell's decision last week not to progress the Cambo oilfield project in the UK North Sea means the development will have to be paused.
Siccar, which owns 70% of Cambo, said: "Shell remains 30% joint venture partner" and that discussions with Shell and wider stakeholders continued but added that the project was "on hold in the short-term".
In its statement last week, Shell "concluded the economic case for investment in this project is not strong enough at this time, as well as having the potential for delays".
Located 125 km north-west of the Shetland Islands, 30 km south-west of Rosebank and 50 km north of Schiehallion, the field was discovered in 2002 and had five wells drilled into the structure. Siccar Point acquired a 100% operated interest in the field from the takeover of OMV (U.K.) in January 2017 and brought Shell UK in as a partner (30% interest) in May 2018.
The field could deliver up to 170 million boe during its 25-year operational life, according to Siccar.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/10122021/cambo-oilfield-project-paused-following-shell-withdrawal/
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