Energy giant Shell is reconsidering its recent decision to pull investment from a new UK oil field, according to the BBC.
In December, the company said the economic case - along with possible regulatory delays - meant it was withdrawing from the Cambo oil field, which is 75 miles off the west coast of Shetland.
At the time the price of crude oil was under $70 a barrel, but it has since soared well above the $100 mark.
The desire to reduce European dependence on Russian energy exports has made the UK Government willing to fast-track investment in domestic fossil fuels.
Shell has not yet sold its interests in Cambo.
Sources told the BBC that, while the company's official position had not changed, it did acknowledge that the economic, political and regulatory environment had changed enormously since the decision was announced just three months ago.
Shell last week resubmitted an application to develop the Jackdaw North Sea gas field - off the east coast of Scotland - having had it turned down in October by environmental regulators.
The UK Government will publish is new energy strategy early next week.