OPINION: Shell’s Gato do Mato pre-salt development offshore Brazil is the latest project to fall victim to rising costs and market uncertainty at a time when oil and gas operators are under intense pressure to invest more resources in renewable energy.

Even though there is a general perception that oil companies need to do more to help ensure the energy transition advances at a faster rate, hydrocarbon projects like Gato do Mato are still seen as vital to keep the world running.