Up until a few days ago, the leadership of British North Sea producer Siccar Point was negotiating the sale of a stake in the promising Cambo oil development to another private equity-backed company, NEO, sources told Reuters.
Growing pressure from investors, governments and climate activists, however, has led oil majors to scale back spending on oil and gas projects and increase investments in renewable energy in order to slash greenhouse gas emissions.
"At the moment it's toxic," said one North Sea oil and gas source, speaking about how Shell's decision has impacted the investment climate in the British North Sea. British oil and gas production at about 1.5 million barrels of oil equivalent per day , or about 1% of global oil demand, has fallen from a peak of around 4.4 million boe/d in 1999.
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