An industry expert has told me that there is then a lengthy, rigorous process - which can sometimes take decades - involving the creation of field development plans, environmental statements and many other requirements which require approval from the relevant bodies, before production activity can begin. If approved by the Oil and Gas Authority, drilling at Cambo could start as early as And the field is expected to produce oil and gas for approximately 25 years.
It is this "licensing loophole" that is also causing concern to campaigners. A spokesperson for the UK government's Department of Business, Energy and Industrial Strategy BEIS has responded to the criticisms, saying: "While we are working hard to drive down demand for fossil fuels, there will continue to be ongoing demand for oil and gas over the coming years, as recognised by the independent Climate Change Committee.
The company behind the Cambo proposal is Siccar Point Energy, backed by private equity firm investors. It sees this as an opportunity to create more than 1, jobs and even more in the supply chain. While a spokesperson told me they were unable to comment on the licence application because Shell is not the operator, they did tell me about the company's overall strategy. They said: "Even the most ambitious scenarios tell us that as the energy system transitions, the world will continue to need oil and gas for decades to come.
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Other options. Close drawer menu Financial Times International Edition. Oil price collapses to lowest level for 18 years.
Who wins and who loses when oil prices fall? Oil plunges for a second day on gloomy outlook. Image source, Getty Images. He also predicts long-term investment will fall. Related Topics.
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