The UK government has been warned to stop a massive North Sea oil project or see its hopes of becoming a climate leader dashed as the country prepares to host a crucial environmental summit later this year.
The Cambo oilfield is a key project for Shell, which holds a 30% stake, and Siccar Point, which controls 70% of the venture. Discovered in 2002, the field could contain over 800 million barrels of heavy crude. Deepwater drilling is expected to start in 2022, with oil production kicking off in 2025 and running until 2050.
“It’s a significant size field by today’s standards,” said Kemp, noting that a more typical development would yield about 20 million barrels, not 164 million.
But the project has stoked the ire of a coalition of environmental advocates, who are ramping up political pressure by highlighting the optics of approving the development so close to COP26. The oil produced will have the same climate footprint as running about 18 coal-fired power stations for a year, Uplift has calculated.