In Controversial Cambo Oil Field, Shell Starts Selling Stake

Shell is selling its stake in the controversial Cambo oil field, it has been announced.

The project – which is west of Shetland – is the second-largest undeveloped oil and gas discovery in the UK’s North Sea.

The oil major is looking for a buyer for its 30% holding.

Cambo has been the focal point of many protests, and Shell has been rumoured for months to be looking for someone to take over its part.

The remaining 70% of the field is owned by Ithaca Energy.

Ithaca said the two companies had agreed on several possible outcomes.

Shell might sell all of its stake, but if it only manages to find a buyer for a portion of the stake it could offload its remaining share to Ithaca.

If a buyer wants to purchase more than Shell’s 30% stake then Ithaca will sell up to 19.99% of its holding in the project, it said.