Shell’s U-turn on Cambo oil field: the importance of protest and public opinion
by Ian Sinclair
6 December 2021
After a number of high profile actions by the campaign to stop Cambo oil field against Shell, the Scottish government, at city financiers and at COP26, and no doubt a ton of other activism by a broad range of organisations, on 2 December 2021 Shell announced it was pulling out of the controversial oil field project off the Shetland Islands in Scotland.
The reporting of this decision by the BBC and Channel 4 News highlights the impact of protest and public opinion on that decision:
“The Cambo field is one of the largest unexploited oil fields left in the region. It was being touted by Shell as a 25 year investment but the oil giant now says the economics don’t justify going ahead… the project has certainly become very controversial. Greenpeace has vowed to take legal action to stop drilling and last month Scotland’s First Minister, Nicola Sturgeon, came out against the project. So no doubt Shell will have also been worried about the rising reputational cost of Cambo.” – Justin Rowlatt, BBC Climate Editor, 08:00 News, BBC Today Programme, BBC Radio 4, 3 December 2021
“So why walk away from a 30 percent share in an oil field that reportedly holds 170 million barrels of oil? Shell say the economic case for investing in this project just isn’t strong enough. [Directly to camera] There is more at play here than just economics and making money. Investors now care much more about how that money is made. Senior city financiers have told us the blowback they would get from shareholders, from pension funders, from the press, from the public, mean that pumping yet more money into firms with so-called dirty investments often just isn’t worth the hassle now. With Cambo oilfield there is a reputational liability for Shell, and ultimately it is one they’ve decided to walk away from.” – Paul McNamara, Channel 4 News, 3 December 2021.