MP David Duguid welcomes move to grant a two-year licence extension for Cambo oil field
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Banff and Buchan MP David Duguid has welcomed the move to grant the Cambo oil field a two-year licence extension.
It comes following reports that Shell is reconsidering its decision to withdraw from the project due to increasing oil prices, a move away from dependency on Russian oil and a focus on rising domestic fuel prices.
Shell and Siccar Point Energy have now been granted a two-year extension from the North Sea Transition Authority for Cambo, 75 miles west of Shetland.
It gives them exclusive rights to explore or develop that part of the seabed with the potential of producing up to 170 million barrels of oil equivalent and 53.5 billion cubic feet of gas over 25 years.
Commenting on the licence extension, Conservative MP David Duguid said: "This licence extension underlines the importance of maintaining support for our domestic energy supplies during these uncertain times.
“Nicola Sturgeon’s short-sighted stance on Cambo has already set back this project and its role in meeting remaining demand for oil and gas as we transition.
“A report this week from OEUK said if there is no such investment in projects like Cambo – which is already factored in to Government net zero targets - we will be reliant on other countries for at least 80 per cent of our gas and 70 per cent of our oil by 2030.
“This is exactly why the SNP-Greens must drop their reckless playground politics, back North Sea oil and gas and install confidence for investors.
“The UK Government has agreed a world-leading North Sea Transition Deal with the oil and gas industry, which includes support for the Acorn CCS and Hydrogen project at St Fergus.
“Only the Scottish Conservatives are willing to stand up for oil and gas workers in Scotland and their crucial role in the transition to net zero.”
