Shell is reportedly reconsidering its decision to pull out of the controversial Cambo oilfield.
Work on the proposed development off the west coast of Shetland was paused in December after Shell decided to withdraw from the project, concluding the economic case for investment was “not strong enough”.
However, the price of oil has since risen to more than $100 a barrel, with fears over the future of Russian oil sending prices soaring.
Sources have told the BBC that although the company’s official position remains the same, it did acknowledge the “economic, political and regulatory environment had changed enormously” in the three months since Shell announced it was pulling out of the project.
Environmental groups have long opposed the proposed field, warning it would jeopardise hundreds of species in the ocean.
In November, Scotland’s First Minister Nicola Sturgeon said the project should not go ahead.
It followed months of pressure from opposition parties and campaigners for the Scottish Government to make its position on Cambo clear.
Industry body Oil and Gas UK previously said blocking long-planned energy projects like Cambo would risk leaving the UK at the mercy of global energy shortages.
Philip Evans, oil and gas transition campaigner for Greenpeace UK, said: “The type of oil that can be extracted from Cambo is not usable in the UK, so this project will do nothing to tackle high bills or shore up energy security.
“Shell’s reported flip-flopping on Cambo shows exactly why we need to get off oil and gas and move towards homegrown renewable energy.
“Shell wasn’t interested in pursuing this project when it was a bad look for them, but now they stand to gain billions in the midst of war-time price hikes - they’re interested again.
“Meanwhile our bills soar, and offshore workers are trapped in a volatile industry.”
The Scottish Greens' energy and climate spokesperson Mark Ruskell said: “Opening the Cambo oil field makes even less sense today than it did last year; any u-turn from Shell would be based purely on maximising its already eye-watering profits.
“If we are going to tackle Putin’s power and the impact rising energy bills are having on the cost of living, we need to reduce our reliance on oil and gas and invest in renewable energy.
“The UK Government must stop using the war in Ukraine as an excuse to abandon climate commitments,” he continued, adding: “Next week’s energy supply strategy has to recognise the UN’s call that the transition to clean energy is a global security imperative, as well as being the only way we meet climate targets and secure a future.”
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