One of the North Sea's largest oil and gas projects has been plunged into uncertainty after its operator announced it was slowing down investment in light of 'fiscal and regulatory uncertainty'.
One of the North Sea ’s largest oil and gas projects has been plunged into uncertainty after its operator announced it was slowing down investment in light of “fiscal and regulatory uncertainty”. Neo Energy had planned to start work on the £900m Buchan project – expected to produce a peak of 35,000 barrels of oil a day – in 2027.
On Monday, Offshore Energies UK – a body that represents the North Sea’s oil and gas sector – released an analysis which argued the government’s plans could wipe £13bn off the UK economy while raising less tax than the windfall tax’s previous incarnation.
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