By Paul Homewood
Hardly surprising!
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If the polls are correct, Labour will be in government in less than a month from now, yet the party’s policies are already having an impact on business.
Three oil and gas companies – Jersey Oil and Gas, Serica Energy and Neo Energy – said on Wednesday they had decided to delay by a year the planned start of oil production at Buchan, an oilfield in the North Sea 120 miles to the north-east of Aberdeen, which they jointly own.
The trio explicitly linked the decision to the earlier than expected timing of the election.
ersey Oil and Gas, speaking on behalf of itself and its joint venture partners, told shareholders: "While activities continue in order for the Buchan project to be ready for field development plan approval by the end of this year, the exact timing for achieving this key milestone and enabling project sanction is naturally linked to securing fiscal clarity from the next government and ensuring that the project remains financially attractive."
That was a reference to Labour‘s energy policies.
The industry body Offshore Energies UK has suggested Labour’s plans could result in the loss of 42,000 jobs among North Sea oil and gas producers.
https://news.sky.com/story/labour-energy-policies-already-impacting-north-sea-business-13148786
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June 8, 2024 at 04:17AM
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