According to Siccar Point’s boss, who holds a 70% stake, the Cambo oilfield development will be halted.
Jonathan Roger stated that Shell’s decision to pull out of the project meant it would be “on hold” in the short term, though it indicated that it was still having discussions with the oil giant.
Environmental activists have criticised the Cambo project, claiming that new fossil fuel projects are incompatible with the UK’s net-zero strategy.
Shell was forced to leave after Nicola Sturgeon, the Scottish First Minister, made a U-turn and stated that she didn’t want Cambo to proceed. This move caused anger among business leaders.
More Shell news
Shareholders in the oil giant are expected to approve the relocation of its headquarters from the Netherlands to London as part of a business overhaul.
Andrew Mackenzie, Shell chairman, stated that 99.8 per cent of proxy votes gathered thus far (which represents approximately 58pc outstanding Shell shares) approved the move.
Voting online and in-person is continuing, and the final results will be announced shortly.
Shell is trying to convince investors, governments, and environmental groups that its transition from fossil fuels can be achieved in the transition to net-zero.
As part of the overhaul, the company will also eliminate its dual listing and remove “Royal Dutch” from its name.
Before the board can give final approval (which is expected to occur in 2022), the proposal must be approved by 75 per cent of shareholders.
