THE GND IS TOO CAUTIOUS:

Even six months ago, Shell's decision to scrap its investment in the Cambo oil field - and today's announcement by Siccar Point Energy that the project is being "paused" - was unthinkable. New oil and gas extraction in the UK North Sea has routinely proceeded with barely any public scrutiny. Almost 20 new oil and gas fields have been approved for production since 2018, with a further 113 licences for exploration issued last year, all while the UK government proudly claimed the mantle of climate leadership.

Those days are now permanently over. The huge groundswell of public and political opposition to the development of Cambo - and the 170 million barrels of oil it would produce in the next quarter-century - means that investor sentiment in the North Sea basin has turned from "excitement to despair", according to one industry figure. Another described Shell's decision on Cambo last week as a "death knell" for new large-scale, offshore projects in the UK.

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