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Top North Sea Oil Field in Jeopardy After Miliband Crackdown

by Will Jones
2 September 2024 3:21 PM

One of the North Sea’s biggest oil field developments is in jeopardy after developers put the project on hold following a crackdown by Ed Miliband. The Telegraph has the details.

NEO Energy on Monday announced a slowdown of investment in various U.K. schemes, including the large Buchan Horst redevelopment, 93 miles off the coast of Aberdeen.

Buchan is the third-biggest upcoming North Sea project and is conservatively expected to yield about 70m barrels of oil, with peak production likely to hit about 35,000 barrels per day. It was expected to begin production in 2027.

But NEO claimed a tax raid and new consultation launched by the Labour Government had plunged the scheme into uncertainty.

Rachel Reeves, the Chancellor, is working with Energy Secretary Mr. Miliband to increase the windfall tax on oil and gas businesses.

Mr. Miliband’s department is also reviewing the environmental assessment process for North Sea oil and gas developments in a consultation due to run until the spring.

This was announced last month in response to a landmark Supreme Court ruling which said the “scope 3” emissions – those that would indirectly result from a development, such as cars running on petrol – must be taken into account.

The ruling has already led the Department of Energy Security and Net Zero to announce it will not defend previous decisions to grant licences for the major Rosebank and Jackdaw developments in court – although these have not yet been revoked – with other North Sea operators also facing limbo while the Government decides what the ruling means for future schemes.

Sir Keir Starmer, the Prime Minister, and Mr. Miliband previously vowed not to grant any new oil and gas licences if they won power in July’s election.

The review has prompted the Offshore Petroleum Regulator for Environment and Decommissioning, which handles development applications, to impose a temporary moratorium on applications that are already in motion as well, NEO Energy said.

The company said that combined with the harsher tax environment, this had implications for investment.

It added: “Against this uncertain backdrop, NEO and its owner HitecVision have taken the decision to materially slow down investment activities across all development assets in its portfolio.”

Worth reading in full.

Tags: Climate AlarmismEd MilibandEnergy crisisFossil fuelsLabourNet ZeroNorth SeaNorth Sea OilOil

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