UK North Sea Jackdaw gas field gets green light as New Energy Wealth Fund established
The Chancellor has announced that tax revenues from UK North Sea oil and gas will be invested in low-carbon projects.
Jackdaw will start to supply British homes from as early as the end of October.
The gas field is expected to increase domestic production by around 6% at its peak, says the government, an energy equivalent to around 40 million barrels of oil over an 11-year period.
Sitting east of Aberdeen, the gas field is already licensed and the North Sea Transition Authority’s decision to grant consent now gives the developer the green light to begin operations.
The Chancellor has also announced a new Energy Wealth Fund, which will use tax revenues from North Sea oil and gas to invest in renewable and low-carbon energy projects and support the green transition. The Fund will start with an initial £2bln injection.
Jackdaw is operated by Adura - a joint venture between Shell and Norwegian state energy firm Equinor.
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