U.K. approves development of Jackdaw gas field in North Sea
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The U.K. government gave the green light Wednesday to begin production at the Jackdaw gas field in the North Sea, ending a much-delayed approvals process and allowing the Shell (SHEL) and Equinor (EQNR) joint venture to begin operations within weeks.
Energy Minister Miatta Fahnbulleh said the project would begin supplying gas to British homes and businesses by the end of this month, helping ease surging energy costs.
The government said Jackdaw will raise domestic gas production by ~6% at peak output and operate for up to 11 years and add an estimated £2.9B ($3.88B) to the British economy.
Newly installed U.K. Prime Minister Burnham's Labour Party has sought to position itself as environmentally conscious, but a renewed focus on energy security and rising energy prices tipped the balance in favor of approval.
"At a time of global instability, homegrown energy can be a source of national strength," the government said Wednesday.
Asked about the Rosebank oilfield, which along with Jackdaw has been in limbo for years after a court ruling temporarily blocked both developments, Fahnbulleh said she had not yet made a decision.
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