Shell has decided to pull out of the Northern Endurance Partnership (NEP), one of Britain's largest carbon capture and storage (CCS) projects aimed at decarbonizing industrial clusters.
Shell said it had decided to pull out of the NEP project after a review of its strategy and portfolio and will focus on the Acorn CCS project in Scotland, for which it is the technical developer.
"We remain committed to helping the (British) government realize its ambition of four industrial CCS clusters by 2030," the company said.
Shell Chief Executive Wael Sawan has carried out a review of several of the group's emerging low-carbon businesses since taking office in January.
Britain's National Grid has already exited the NEP project, a company spokesperson confirmed.
NEP confirmed that Shell and National Grid have relinquished their equity holdings, which have been acquired by existing project partners BP and Equinor. France's TotalEnergies is also a partner in the project.