Work on the proposed development off the west coast of Shetland was paused in December after Shell decided to withdraw from the project, concluding the economic case for investment was “not strong enough”.
However, the price of oil has since risen to more than $100 (£76) a barrel, with fears over the future of Russian oil sending prices soaring.
Sources have told the BBC that although the company’s official position remains the same, it did acknowledge the “economic, political and regulatory environment had changed enormously” in the three months since Shell announced it was pulling out of the project.
Environmental groups have long opposed the proposed field, warning it would jeopardise hundreds of species in the ocean.
In November, Scotland’s First Minister Nicola Sturgeon said the project should not go ahead.
It followed months of pressure from opposition parties and campaigners for the Scottish Government to make its position on Cambo clear.
Industry body Oil and Gas UK previously said blocking long-planned energy projects like Cambo would risk leaving the UK at the mercy of global energy shortages.