Sir Ian Wood takes aim at Cambo critics

Sir Ian Wood has hit out at politicians who failed to support the Cambo oil and gas development. Huge doubt has been cast on the future of the oilfield since Shell decided to drop out of the project.

The move was hailed as a victory for environmental campaigners.

Sir Ian, who is chairman of ETZ Ltd, urged politicians to reflect on their public statements about oil and gas.

He said: “We must not create an adverse investment environment at this crucial moment in our energy transition journey.

“The future prosperity of our region and the country’s ability to meet net zero depends on it.”

Shell, which holds a 30% stake in the Cambo project, dealt a surprise blow when it announced it was pulling out.

It said its reasons not to proceed were because “the economic case for investment in this project is not strong enough”.

Siccar Point said it was disappointed at Shell’s change of position, but that it remained confident about its ability to go ahead.

The firm’s chief executive, Jonathan Roger, said: “We will continue to engage with the UK Government and wider stakeholders on the future development of Cambo,” adding: “Cambo remains critical to the UK’s energy security and economy.”

Sir Ian said he welcomed “Siccar Point’s continued commitment to the development and the very good reasons they have given as to why it must go ahead”.

He added: “We fervently hope that it does as it will create thousands of jobs across the north-east of Scotland, both directly and across our supply chain and make a significant contribution to meeting our energy requirements.

“The skills, experience and infrastructure of a world-class oil and gas industry will play a crucial role in accelerating energy transition and meeting net zero.

“We must support the industry in meeting this ambition, and it is essential the Scottish and UK governments do too.”

Numerous protests focused on the project have taken place in the UK.

Shell’s chief executive Ben van Beurden was recently the target of demonstrators.

In August, a pair of kayakers blocked a vessel in Norway amid suspicion it was taking drilling kit to the west of Shetland field.

Tessa Khan, director of Uplift, which is co-ordinating the Stop Cambo campaign, said: “This is the end for Cambo. Shell has seen the writing on the wall. Its statement makes it clear that the economics are against new oil and gas developments.

“But the widespread public and political pressure are what’s made Cambo untenable.

“There is now broad understanding that there can be no new oil and gas projects anywhere if we’re going to maintain a safe climate.”

SETBACK: Sir Ian Wood has attacked politicians for not supporting the Cambo project.