Virus hits plans for huge oil field development off Shetland

Plans to develop a huge oil field off Shetland have been postponed as a result of the coronavirus pandemic.

Siccar Point Energy and joint venture partner Shell UK were due to proceed to a final investment decision on the Cambo field in the third quarter of this year.

It is in the the Corona Ridge area, 77 miles (124km) north west of Shetland.

The companies have pushed plans back to the second half of next year, subject to regulatory approval.

In a statement, they said the move was "in light of the unprecedented worldwide macroeconomic dislocation resulting from Covid-19".

Cambo is one of the largest undeveloped fields in the UK Continental Shelf (UKCS).

According to Aberdeen-based Siccar Point, it has more than 800 million barrels of oil in place.

Chief executive officer Jonathan Roger said: "Cambo remains an extremely attractive development with compelling economics.

"However, given the uncertainty of the global situation, it makes sense to hold-off final approval until some normality returns to the market and a clear and robust path forward can again be established."