One of the unfortunate side effects of a steeply rising oil price this year is that it seems to have undermined the potential profitability of the Cambo oil field off the Shetlands. Announcing this morning that it was pulling out of the project, in which it had a 30 per cent share, Shell said it had re-examined the figures and ‘concluded the economic case for investment in this project is not strong enough at this time.
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