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Approving the Jackdaw and Rosebank fields in the North Sea could bring 111 projects into production and unlock \u00a350 billion of private capital investment, says the industry\u2019s trade body.<\/p>\n
The call comes amid expectations that Andy Burnham will approve the Jackdaw gas field off the Aberdeen coast which does not need an exploration licence but has been required to apply for new environmental consent permits following a court case in January 2025. <\/p>\n
Mr Burnham is understood to have delayed an announcement, originally expected today, until after a by-election in Sir Keir Starmer\u2019s former seat on 8 October. A decision is also awaited on the Rosebank oil field west of Shetland.<\/p>\n
In a new paper, Offshore Energies UK calls for a marked shift in energy policy, including changes to tax policy in order to sustain domestic output and reduce dependence on imports.<\/p>\n
It says a shift in strategy would create 3.25 billion barrels of additional production, helping to generate an extra \u00a315 billion for the Treasury.<\/p>\n
There is speculation that Chancellor John Healey will use his Budget on 28 October to confirm reforms to the profits levy, introduced by the Conservative government in 2022.<\/p>\n
Speaking about the potential of new projects, David Whitehouse, chief executive of OEUK, said: \u201cWe are looking for a decision from the government to move those forward.<\/p>\n
\u201cIt is not just seeing Jackdaw and Rosebank but that wider pipeline of projects coming through and going through the process.\u201d<\/p>\n
Enrique Cornejo OEUK policy director, added: \u201cBritain is at a critical juncture. Our industry is ready to invest and deliver more homegrown oil and gas, but the window for action is narrowing.<\/p>\n
\u201cWithout urgent policy decisions, the UK risks increasing its dependence on imports and losing high value jobs. This trend is eroding the infrastructure that is essential to both energy security and the transition.<\/p>\n
\u201cEither we back UK domestic energy production and retain investment, skills and value in the UK, or we see these economic benefits move elsewhere. OEUK wants to see full support for all homegrown energies so UK can meet all its energy needs, strengthen growth and reduce reliance on imports.\u201d<\/p>\n
Tessa Khan, executive director of climate group Uplift, said: \u201cThis is just fantasy from the OEUK, who are ignoring geology, history and also the very real climate crisis we have all just suffered.\u201d<\/p>\n
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