After Labour accused the Conservatives of failing to enact 'appropriate windfall taxes' on energy corporations, Shell is looking to sell its part in a contentious North Sea oil field. The oil company is looking for a buyer for its 30 pc holding in the Cambo oil project, its partner Ithaca Energy said.
Cambo, which is the second-largest undeveloped oil and gas discovery in the North Sea, has been the focal point of many protests.
Shell has been rumoured for months to be looking for someone to take over its part. The remaining 70 pc of the oil field is owned by Ithaca Energy.
In 2021 Shell scrapped its development plans for the project, putting its future into doubt. The corporation produced roughly £1.4 billion more in profit than analysts had anticipated in the first three months of the year, with adjusted earnings climbing 5.7 per cent to £7.6 billion.
Shadow chancellor Rachel Reeves said: "Shell reports £7.6 bn profits for its first quarter yet the Tories refuse to bring in a proper windfall tax on oil and gas giants to freeze council tax this year, as Labour would.
"We'll tackle the cost-of-living crisis, and put working people first." Speaking after Shell's quarterly results, chief executive Wael Sawan said the company wants to be a major investor in renewable power but needed "the right ecosystem to be able to do that".