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Shell Ditches U.K. Oil Project in Win for Climate Activists

  • Anglo-Dutch firm says offshore field not currently economical
  • Operating partner Siccar Point is reviewing the development
Updated on

Royal Dutch Shell Plc pulled out of a controversial U.K. oil project, a win for environmentalists as the development of a new North Sea field was left hanging in the balance.

“After comprehensive screening of the proposed Cambo development, we have concluded the economic case for investment in this project is not strong enough at this time, as well as having the potential for delays,” a Shell spokesperson said Thursday in a statement.