Labour Delay Puts 100 Million-Barrel North Sea Oil Prize Back in Focus
Jersey Oil & Gas pointed to a slowdown in its Greater Buchan Area development, blaming stalled government consultations and delays in regulatory sign-off. That’s putting Labour in a tighter spot over the fate of one of the biggest undeveloped oil centers left in the UK North Sea. The AIM-listed group still pegs the area’s gross resources at over 100 million barrels of oil equivalent, with Buchan as the main target. Timing’s turning out to be a critical issue for the North Sea, squeezed by old infrastructure demanding fresh investment soon, and a policy overhaul from the government that keeps the Energy Profits Levy running until 2030—unless price triggers bring it to an early close. For industry bosses, that uncertainty isn’t