Reacting to the news that the government has approved the Jackdaw gas field, Ben Martin, Policy Manager at the British Chambers of Commerce, said:
“Approving Jackdaw will secure around 6% of the UK’s gas supply, enough to heat the equivalent of 1.4 million homes.
“With continuing conflict in the Middle East and significant concerns around energy security, the gas provided from Jackdaw will boost domestic supply.
“Gas from Jackdaw is also significantly less carbon intensive than imported LNG, so it provides a double win, demonstrating the value of domestic production.
“But there remains much uncertainty around the future of the North Sea energy transition.
“Around 180,000 jobs are supported by the UK oil and gas sector. Supporting these workers in the energy transition is critical to preventing job losses in the industry.
“We are still awaiting a decision on the Rosebank oil field, which alongside Jackdaw, could generate £10.8 billion in investment, and £1.4 billion in tax revenue.
“The government must approve Rosebank and set out a long-term approach to the energy transition, recognising the value of domestic production to support energy security and jobs.
“It must also revisit the Energy Profits Levy and replace it with the Oil and Gas Revenue Levy by 2027. This will protect investment, energy security, and protect jobs.”