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decisions to grant licences for the major Rosebank and Jackdaw developments in court – although these have not yet been revoked – with other North Sea operators also facing limbo while the Government decides what the ruling means for future schemes.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.
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Impossible to comment on Miliband’s mental capacities as we’re not allowed to use profanity or abuse.
To say he is ‘out of his tiny mind’ would be inaccurate, as his mind is nowhere near that size…..
Do you know what this reminds me of? It reminds me when Stalin requisitioned all of the farms in Russia throwing off the Farmers who knew how to grow crops and maintain the food production cycle, As a result over 10 million people starved to death, but these were just a statistic to Stalin who continued with his 5 year plan.
Milliband is of the same stuff, millions of people are going to have insufficient fuel energy to heat and eat, the supply chain and farming and food production operations will not be able to operate fully and efficiently. Food will become scarce the choice will be minimal as it was in Russia and will be expensive.
They will be able to control the population through this denial of basic needs, and it will ensure a dramatic reduction in the elderly and sick during hard winters.
They did it in the 70,s this time they intend to go full throttle,it’s not stupidity it’s a deliberate plan.
The deaths will be hidden, of course, as people don’t “die of cold” but of respiratory infections, exacerbations of other conditions etc. And HMG has already proved that they can simply ignore excess deaths as a conspiracy theory. Or blame them on moneybox.
Indeed. In fact that will be an opportunity to push the latest offerings from Big Bill and his cohorts.
Didn’t Mao manage to starve a few million too? Also Zimbabwe.
The war on hydrocarbons which makes modern civilisation possible, is one of the greatest catastrophes in history, based on anti-science, anti-human and quite openly, totalitarian theologies. The fact that Millipede and his brethren, a small, shrill, corrupt miniority of hard of thinking apostles can impose such strictures on a population where the vast majority do not agree with said policies, is astonishing. One needs to reach back into the Tudor period and beyond for similarities.
At least our children and grandchildren will thank us. Thank us for inexplicably leaving accessible oil for them to burn up after these clowns have long gone with their self sabotage.
Let’s not forget Millibrain is just continuing where May, Johnson, Sunak (with the support of most illiterate MPs) left off.
He is, but he will do with the kind of zeal you see from lemmings heading for a cliff edge as fast as their legs can carry them.
The Tories have a lot to answer for. Turning into Labour Lite was not just a disaster for them but it was a death sentence for the rest of us. Having got rid of the Eco Socialist twerp years ago, he is now back in charge of our energy and there isn’t a worse person in the whole country that could be in that position. Miliband is a fundamentalist pretend to save the planet imposter who is so far up the arses of the UN and WEF they are going to need 10 bottles of Senna to get him out. The blithering idiot is promising “cheaper energy bills”. I am telling you now that all our energy bills are only going in one direction –UP UP UP, year on year on year as Labour and Miliband set about sending us back to the Stoneage where will be told we are “running out of stones”.
The Scots and Labour supporters all over the country hated Thatcher for what she did to coal mining. Miliband for what he is doing to decimate oil and gas should end up being detested even more than Thatcher. But isn’t it ironic that they all hated Thatcher for her war on coal miners, but now Labour and Miliband want to actually blow the coal mines up and shut down the North Sea. All so they can get a little gold star on their lapel from the UN. People, particularly in places like Aberdeen are going to hate the sight of this cretin before too long.
Ed Miliband Murders Our Oil Industry
Royal Society understates Net Zero cost by £500billion.
Article in today’s TCW….
https://www.conservativewoman.co.uk/breaking-news-royal-society-understates-net-zero-cost-by-500-million/
Without wishing to judge a book by its cover, he really is an unpleasant looking individual isn’t he?
My god you wouldn’t want to buy a second hand car off him that’s for damn sure.
With tens of thousands of jobs to go because of Labour’s stupidity, did the unions who represent them not pay enough to Labour? After all they have rolled over and given the unions everything they want so far.