The proposed Cambo oil field off Shetland has been granted a licence extension.
In December, Shell said the economic case - along with possible regulatory delays - meant it was withdrawing from the project.
However the energy giant is understood to be reconsidering that decision.
The BBC reports that Shell and Siccar Point Energy have now been granted a two-year extension from the North Sea Transition Authority.
It gives them exclusive rights to explore that part of the sea bed.
The licence was due to end on Thursday, and the extension was not unexpected.
Shell said in a statement: "At this time there is no change to our position of December, but the extension will allow time to evaluate all potential future options for the project."
Siccar said it "continues to work with its co-venturer Shell and the UK government to map out the next steps on Cambo".