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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. 

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FirstCitizens agrees to buy Silicon Valley Bank

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FirstCitizens has agreed to buy Silicon Valley Bank in a multi-billion dollar deal

 
First Citizens BancShares has officially agreed to buy Silicon Valley Bank.

SVB was seized by regulators following a run on the lender.

First Citizens has now entered into a purchase and assumption agreement for all deposits and loans.

The deal includes the purchase of about $72 billion SVB assets at a discount of $16.5 billion.

The CEO of First Citizens says the deal “has been a remarkable transaction that should instil confidence in the banking system.”

Just two weeks ago, few people outside the tech industry had even heard of Silicon Valley Bank.

The midsize California lender imploded – shaking the foundations of the entire global financial system.

As clients withdrew $42 billion in the span of a single day, state and federal regulators were forced to swoop in and help. #trending #featured

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Brace for impact: Passenger activates emergency slide on Delta flight

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Passenger activates emergency slide on a Delta Air flight bound for Seattle

 
A scary situation for those passengers onboard Delta Air Flight 1714 after a passenger activated one of the aircraft’s emergency slides.

An individual has been arrested after opening one of the plane’s doors and exiting via the emergency exit slide as the crew prepared for takeoff from Los Angeles to Seattle.

The incident on the Delta flight took place around 10:40 a.m. local time on Saturday, while the plane was stationary at LA’s international airport.

The Boeing 737 was on the runway holding to taxi for takeoff when the passenger exited the aircraft.

The individual was initially detained by Delta staff before being arrested by local law enforcement.

The Federal Aviation Administration says customers are being reaccommodated on a new aircraft – apologising for any inconvenience and delay. #trending #featured

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Silicon Valley Bank could be saved as First Citizens swoops in

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First Citizens BancShares reportedly in talks to acquire Silicon Valley Bank following the collapse of the tech-heavy lender

First Citizens BancShares is in advanced talks to acquire Silicon Valley Bank following the collapse of the tech-heavy financial lender.

First Citizens could reach a deal before the day ends to purchase SVB from the Federal Deposit Insurance Corp.

Executives are yet to confirm or deny the reports.

Sources say no final decision has been made and talks could still fall through.

Of course, just a few weeks ago, few people outside the tech industry had even heard of Silicon Valley Bank.

The midsize California lender imploded – shaking the foundations of the entire global financial system.

As clients withdrew $42 billion in the span of a single day, state and federal regulators swooped in.

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