THE company with the biggest stake in the Cambo oil field off the coast of Shetland is reportedly "pausing" the project.

Siccar Point Energy, who have a 70% stake in the crude oil field near Shetland, announced the decision on Friday morning. 

It comes just a week after Shell, who owned 30% stake in the project, pulled their investment.

READ MORE: Cambo oil field timeline: How did row develop before Shell exit?

The oil giant made the announcement on December 2, claiming that the economic case for investment in the project is “not strong enough”.

Siccar Point Energy’s chief executive Jonathan Roger said his company will now “evaluate next steps”.

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Activists demanded a stop to the oil field during the climate summit

He said: “Following Shell’s announcement last week, we are in a position where the Cambo project cannot progress on the originally planned timescale.

“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.”

READ MORE: Cambo oil field will ‘cut into protected seabeds’ jeopardising hundreds of species

Environmental campaigners have called for the project to be stopped after the latest IPCC report set out the impact of climate change on the planet.

Off the back of the report, UN Secretary General Antonio Guterres signalled a "code red for humanity" and warned it must sound the "death knell" for fossil fuels.

Scottish Greens climate spokesperson Mark Ruskell (pictured below) said: “It should not come as a surprise that Cambo is looking increasingly unlikely, after Shell withdrew from this reckless proposal.

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"We already have far more fossil fuel than we can afford to burn, and the public recognise that to expand further would end any hope of addressing the climate emergency.

“The path to net zero lies not in vast amounts of continued subsidy for an oil and gas industry that is already cutting jobs, but investing in stable jobs in industries like renewable energy, such as the new facility at Nigg.

"So while the Tories have been scaremongering, Greens in government have established a transition fund for the North East and Moray to do exactly that.”

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Boris Johnson faced repeated calls to intervene and stop the project

Sam Chetan-Welsh, political campaigner at Greenpeace UK, said: "The world’s top energy experts have made it clear that we can’t afford any new coal, oil or gas if we want a chance to avoid catastrophic climate change.

"The economics of the Cambo oilfield were looking decidedly shaky, and the climate maths never did make sense. Both the Westminster and Scottish government now need to end support for new oil and gas infrastructure.

"They should urgently deliver a just transition to clean energy, providing the money, policy and training to ensure the communities who have relied on the oil industry can move to the green jobs of the future."

Jamie Livingstone, Head of Oxfam Scotland, said: "It's welcome news that the Cambo oilfield has been put on pause. The next step must be to press stop.

"The climate emergency is already causing untold poverty and hunger around the world; drilling for more oil would only make things worse."

READ MORE: Cambo oil field is a perfect example of why Scotland needs independence

Meanwhile, the Tories said Siccar Point Energy's decision is “extremely concerning” for the industry. 

The party’s shadow secretary for net-zero Liam Kerr said: “The hostile SNP-Green stance on projects like Cambo is making it less attractive for energy companies to invest in Scottish oil and gas.

“It’s clear the shameful, ignorant, anti-business views of this coalition are now not only jeopardising our ability to meet net-zero targets but also abandoning thousands of jobs in the sector.

“Without investment in these projects, we risk becoming even more dependent on foreign imports rather than making use of Scotland’s domestic reserves of oil and gas.

“We warned bringing the extremist Greens into Government would damage Scotland’s economy and the effects of this are now being seen.”

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Kerr claimed the decision will have an impact on Scotland's economy 

A spokesperson for BEIS said: “While this is ultimately a commercial decision to be taken independently by Siccar Point Energy, we remain committed to our domestic offshore oil and gas sector, which continues to keep us warm, fuel our cars and strengthen our security of supply while we grow our renewables sector.

“Without a domestic source of gas in the meantime, we would be even more reliant on foreign imports.”

The oil field became a flash point for protestors during COP26, with Alok Sharma's speech as COP president to brand the UK "hypocrites" for allowing the field to go ahead. 

And, climate activists unfurled banners and flew flags across from the Glasgow Science Centre, where the UK Government are based during the climate change summit in a bid to take their message to their front door.

Commitments to reduce the use of fossil fuels were also watered down in the final text of the Glasgow agreement. 

The Oil and Gas Authority (OGA) are currently assessing whether a production license should be given to the project, which now seems unlikely to go ahead in 2022 as planned. 

It comes after First Minister Nicola Sturgeon took Scottish Tory leader Douglas Ross to task over oil and gas in the north sea, and how to protect workers by ensuring a jsut transition. 

Where is Cambo oil field?

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