(WO) — The UK authorities is reportedly poised to approve the Jackdaw growth within the North Sea, a transfer welcomed by Aberdeen vitality leaders who’re urging officers to comply with with approval of Rosebank and broader reforms geared toward restoring offshore funding.
The Aberdeen & Grampian Chamber of Commerce (AGCC) mentioned approval of Jackdaw would assist North Sea jobs, home manufacturing and UK vitality safety, however cautioned that the mission ought to symbolize the start of a broader shift in authorities coverage.
“Approval of Jackdaw can be a vastly essential vote of confidence within the North Sea, defending jobs, strengthening our vitality safety and guaranteeing extra of the oil and gasoline we nonetheless want is produced right here within the UK,” mentioned Russell Borthwick, chief government of AGCC.
“However Jackdaw can’t be the tip of the story,” Borthwick mentioned, calling for comparable motion on Rosebank. The Chamber mentioned the 2 initiatives collectively may account for 10% of the UK’s future pure gasoline provide whereas supporting hundreds of jobs and billions of kilos in financial exercise.
The Chamber additionally renewed its criticism of the UK’s oil and gasoline tax regime, arguing that top taxes are driving funding and employment away from the North Sea.
Borthwick referred to as on the federal government to finish the Power Earnings Levy initially of the following tax 12 months and transition to the everlasting, price-based Oil and Gasoline Income Levy.
“Swift approval of each Jackdaw and Rosebank would put these phrases into motion, however we additionally want the Authorities to deal with the punitive tax regime which is driving funding and jobs out of the North Sea,” he mentioned.