Shell plc (LSE:SHEL) has begun a hunt to find a buyer for its stake in the controversial Cambo field in the UK North Sea, according to reports. The London-listed supermajor has launched a sale process to offload its 30% interest in the West of Shetland project, according to industry sources quoted by Reuters. It is thought investment bank Jefferies has been drafted in to find a buyer for the stake.

If a buyer is found, it could open the door for the development of Cambo, which has been public enemy number one for environmental groups in recent times. Just before the turn of the year, Shell sent shockwaves through the industry when it announced it wouldn't be progressing with the 175 million barrel project, citing the economics of the operation. There was speculation at the time that the negative attention the field had attracted played a part in the decision, but company chief executive Ben van Beurden stressed that was not the case.

According to reports, whichever company takes on Shell's stake in the field will "most likely support" its development - as it stands the project is on hold.