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Labour Tax Levy Halts Buchan Project, Risks Billions Investment

5/14/2026

46 9 Full Breakdown

Summary

Story summary

Jersey Oil and Gas, Serica Energy and Neo Energy halted the Buchan redevelopment, delaying the 2026 start.
Industry figures say Labour’s 78 percent profit levy and delays could jeopardize billions of pounds of investment and threaten the Jackdaw gas field and Rosebank oil field.
CEO Andrew Benitz praised a market-linked tax system but warned a 2030 start would be too late while analysts say the delay could cut Treasury tax receipts.

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Story summary

Jersey Oil and Gas, Serica Energy and Neo Energy halted the Buchan redevelopment, delaying the 2026 start.
Industry figures say Labour’s 78 percent profit levy and delays could jeopardize billions of pounds of investment and threaten the Jackdaw gas field and Rosebank oil field.
CEO Andrew Benitz praised a market-linked tax system but warned a 2030 start would be too late while analysts say the delay could cut Treasury tax receipts.