Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Cambo: Sir Ian Wood warns politicians to avoid ‘adverse environment’ for thousands of jobs

© Supplied by BBC ScotlandSir Ian Wood
Sir Ian Wood

Billionaire industrialist Sir Ian Wood has hit out at politicians who have failed to support the controversial Cambo oil and gas development, warning it will create an “adverse investment environment” with thousands of jobs on the line.

Huge doubt has been cast on the future of the oilfield in the west of Shetland last night after Shell decided not to progress the project.

The move was claimed as a victory for environmental campaigners who have used Cambo as a key climate change battleground in the run up to and since the COP26 summit in Glasgow.

First Minister Nicola Sturgeon has faced claims she has “abandoned” the North Sea oil and gas industry after confirming her opposition to the scheme, saying at Holyrood last month: “I don’t think that Cambo should get the green light”.

Nicola Sturgeon Cambo © PA
First Minister Nicola Sturgeon

Sir Ian Wood, who is chairman of ETZ ltd, said he urged politicians to “reflect carefully on their public statements on oil and gas and the impact they have on investment in the industry”.

Future prosperity ‘depends on it’

He added: “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”, as well as the potential for delays.

Siccar Point said it was “disappointed” at Shell’s change of position but that it remained  “confident about the qualities of a project” and its ability to go ahead.

In a statement, 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.”

Fervent hopes for ‘thousands of jobs’

Sir Ian also said Shell’s decision was disappointing but that he “fervently” hoped it would go ahead.

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”.

“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,” he said.

“It has been made patently clear for some time we cannot put ourselves in the position of reducing domestic production only to increase carbon heavy imports from overseas. This would be entirely counter productive, both environmentally and economically.

“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.”

A UK Government spokesperson said: “This is a commercial decision that has been taken independently by Shell.”


Recommended for you

More from Energy Voice

Latest Posts