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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

Elon Musk under fire from shareholders over Twitter deal

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Elon Musk during SNL appearance

Twitter shareholders are filing a lawsuit against billionaire Elon Musk, alleging he manipulated the company’s stock for personal gain.

The complaints focus on Musk’s conduct after signing the purchase agreement with Twitter’s board in April.

It’s alleged Musk make statements and sent tweets that put the deal in doubt, and drove Twitter’s stocks down.

It comes as the Tesla CEO says the deal “cannot move forward” without more information about automated accounts on the platform.

The lawsuit is a class action proposal brought by a small group of shareholders… they are seeking damages that would be distributed to anyone holding the company’s stock.

Twitter has declined to comment on the unfolding case.

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Why is Russia and China missing from a vital world economic forum?

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Leading economists from around the world have been meeting in Davos this week with two countries being notably absent – Russia and China

Amid a backdrop of fears about recession caused by coronavirus and the war in Ukraine, economic leaders have been gathering for the World Economic Forum.

It’s been two years since the world’s business and political elite have been allowed to attend the summit in person, due to COVID.

The reunion has been marred with warnings of “dire human consequences” of global slowdowns as the war in Ukraine exacerbates rising inflation. 

Central banks have been raising interest rates to try and dampen the rising cost of living but that’s now leading to a rise in global inflation.

Russia’s attack on Ukraine has also led to a severe disruption of key food supplies of wheat and sunflower oil.

The supply shock is expected to last into next year.

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WhatsApp warns users about alerts

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WhatsApp is warning all 2 billion users to watch out for new alerts

The popular messaging service is warning users over fresh app danger.

The tech giant is alerting users why unencrypted chats are so risky.

Encryption is a system of encoding and decoding messages.

Not even WhatsApp can read your messages, which makes it difficult for law enforcement.

WhatsApp is showing a fresh warning that reminds users why encryption matters.

The app shows a new footer for end-to-end encryption that shows up at the bottom of your status updates, call history, chats list and devices list.

The pop-up explains what WhatsApp encrypts.

This includes your text and voice messages, video and phone calls, sharing photos, videos, documents and your location, and status updates.

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