Today’s announcement follows Shell’s decision to withdraw from the development stating that the economic case for investment in the project is not “strong enough”.
Siccar Point Energy said that following Shell’s announcement, it is “in a position where the project cannot progress on the originally planned timescale”.
Siccar Point Energy Chief Executive Jonathan Roger said: “We are pausing the development while we evaluate next steps.
“We continue to believe Cambo is a robust project that can play an important part of the UK’s energy security providing homegrown energy supply and reducing carbon-intensive imports, whilst supporting a just transition.”
Commenting on the company’s announcement, Gary Smith, GMB General Secretary, said: “It’s meant to be a transition to a low carbon economy, not a surrender of the national interest.
“The cheerleaders for Cambo’s shutdown aren’t just throwing energy workers under the bus, but also our security of supply for the gas we will still need on the road to 2050.”
Located approximately 125 kilometres to the west of Shetland, the Cambo oil field could see drilling start as early as 2022 if approved by the Oil and Gas Authority.