The firm behind the controversial Cambo oil field
development off Shetland is "pausing" the project.
Siccar Point Energy's decision comes a week after Shell pulled out of the
project.
They said Shell's announcement meant the project could not
progress on the "originally planned timescale".
Environmentalists say new fossil fuel projects like Cambo are
incompatible with action to combat climate change.
Approval from the UK government is needed to develop the field.
Siccar Point Energy chief executive officer Jonathan Roger said:
"We are pausing the development while we evaluate next steps.
"We continue to believe Cambo is a robust project that can play
an important part of the UK's energy security providing homegrown
energy supply and reducing carbon intensive imports, whilst
supporting a just transition."
Shell had faced widespread criticism over its 30% stake in Cambo.
Announcing its decision to pull out of the development last week,
it said it believed the economic case for investment was "not
strong enough".
However industry body Oil and Gas UK has insisted developments
such as Cambo are still needed.
OGUK's supply chain and operations director Katy Heidenreich
said: "This is a commercial decision and while we can't comment
on specific projects, we know that continued investment will be
required to avoid increasing reliance on imported energy, protect
security of supply and deliver a homegrown energy transition."
