ec 3 (Reuters) – Up until a few days ago, the leadership of British North Sea producer Siccar Point was negotiating the sale of a stake in the promising Cambo oil development to another private equity-backed company, NEO, sources told Reuters.
But on Thursday Royal Dutch Shell (RDSa.L), Siccar Point’s partner in the project, pulled its support for Cambo amid a wider public debate about the future of fossil fuels development in the North Sea. The deal with NEO, as well as the future of the 1.9 billion pound ($2.51 billion) project, were thrown into disarray, according to three industry sources
