Shell abandons plans to develop North Sea oilfield

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• In a victory for environmental groups, Royal Dutch Shell (RDS.A +5.6%) says it will not move forward with development of the Cambo oilfield in the U.K. North Sea.
• "The economic case for investment in this project is not strong enough at this time, as well as having the potential for delays," the company says.
• The Cambo project has been controversial with environmental activists who say it is not consistent with the U.K.'s goals to reach carbon neutrality by 2050.
• Shell's partner and project operator Siccar Point Energy says it will engage with the U.K. government and stakeholders on future development of the field.
• Earlier today, Shell began up to $1.5B of share buybacks, the first tranche of $7B in distributions from the sale of the company's Permian Basin business to ConocoPhillips.