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Shell pulls out of Cambo oil field development

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Oil giant Shell has pulled out of the Cambo oil field development causing mixed reaction by business leaders around the world

Shell has pulled out of the controversial Cambo oil field development west of Shetland – which the oil giant has a 30 percent stake in the project.

The oil giant stated that it had conducted “comprehensive screening” prior to concluding that the economic case for investment in the North Atlantic project was “not strong enough.”

The field could produce up to 170m barrels of oil equivalent and 53.5bn cubic feet of gas over 25 years, according to Reuters.

Reports published from the Independent stated that the decision was welcomed by environmental groups including Greenpeace, which said the decision should mark the “death blow” for Cambo.

Environmentalists say new fossil fuel projects like Cambo are incompatible with action on climate change.

But business leaders have warned that thousands of oil and gas jobs could be at risk

Aberdeen’s Chamber of Commerce said a “premature” end to domestic production could see some areas suffer the fate of mining communities in the 1980s, despite Cambo’s majority stakeholder stating it still planned to take the project forward.

Siccar Point Energy is currently awaiting approval from the UK government to develop the field.

Why Cambo isn’t a good look for Shell:

Shell has been promising to transition away from fossil fuels and commit to renewable technologies such as Sustainable Aviation Fuel, which the company has been working with airlines to produce.

Taking on environmentalist group as well as the Scottish government for the right to drill for oil is not a good look for a company, especially following COP26.

The Cambo oil project is expected to hold hundreds of millions of barrels of oil – each of them worth some $70 at current prices.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Business

Did The Simpsons predict Musk’s Twitter takeover?

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New Twitter boss Elon Musk claims The Simpsons predicted his takeover years ago

Elon Musk has alluded to the fact that The Simpsons predicted his takeover of Twitter in a 2015 episode.

The episode titled “The Musk who fell to Earth” showcases Lisa Simpson feeding birds in a letter box with the label “Home Tweet Home.”

During the episode, Musk flies in on his rocket ship before meeting the Simpsons family.

Before Musk leaves, the show throws to the bird house. Lisa Simpson then says “I guess humanity wants its change one bird house at a time.”

Fans of the series have been quick to jump on its so-called prediction capabilities. They often draw parallels between the episodes and monumental events in history.

Lovers of the show are convinced it predicted Donald Trump’s Presidential run, Disney’s purchase of Fox and the 9/11 attacks.

More recently, they’re certain the show predicted England and America’s 2022 World Cup match in an 1997 episode.

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British lawmakers want to fine social media

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Social media companies could be fined if they don’t remove harmful content, according to a new plan from the UK Government

Lawmakers want to make it illegal to encourage users to harm themselves online.

It’s part of a crackdown on online behaviour on content that leads to self harm.

In a statement, Digital Secretary Michelle Donelan said these firms “can no longer remain silent bystanders”.

She says they’ll face fines for allowing this abusive and destructive behaviour to continue on their platforms.”

It follows the death of Molly Russell in 20-17, which sparked concern for harmful content online.

A coroner ruled social media platforms fed her content that “romanticised acts of self-harm”.

Sexually explicit materials will also be banned under the new policy.

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Twitter adds millions of users after cutting staff

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elon musk twitter

Twitter boss Elon Musk says new user signups to the social media platform are at an “all-time high”.

That’s despite his recent struggles with a mass exodus of advertisers and users fleeing to other platforms.

Musk says signups to Twitter are averaging over two million per day over the past week.

Reported impersonations on the platform spiked earlier this month, before and in wake of the Twitter Blue launch.

Musk says buying Twitter will speed up his ambition to create an “everything app” called X.

Musk’s “Twitter 2.0 The Everything App” will have features like encrypted DMs, longform tweets and payments.

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