The firm originally made the decision not to go ahead with the project in December, after concluding that the economic case for investment in the site off the coast of Shetland was “not strong enough.” The price of a barrel of oil was only $70 (£52) at the time but has since reached highs almost double that.
According to the BBC, Shell is now reconsidering its position especially in light of the UK government’s recent decision to fast track extraction projects as part of a drive to reduce Europe’s reliance on Russian oil.
Earlier this month, the government committed the UK to phasing out the import of Russian oil in response to the invasion of Ukraine while stepping-up local fracking production.
Writing in the Daily Telegraph, Prime Minister Boris Johnson said it is “crazy” that the UK is importing oil and gas from Russia “when we have our own resources in the North Sea.”
The North Sea’s reserves are currently privatised; any oil that is produced is priced...