North Sea firms postpone oilfield opening after early UK election called
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 05 2024
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Should l Buy ?
Source: Yahoo Finance
- Delay in Oil Production: Three British energy companies delay the start of oil production at a joint-venture oilfield in the North Sea by a year due to uncertainty about the fiscal policies of the next government.
- Companies Involved: Jersey Oil and Gas, Serica Energy, and NEO Energy are among the partners in the joint venture.
- Market Reaction: Shares in Jersey Oil and Gas fell by 18%, while Serica's shares dipped about 1.5% following the announcement.
- Political Influence: The decision is influenced by the UK's windfall tax impacting profits and potential changes in tax policies if the Labour Party wins the next general election.
- Future Plans: The Buchan Field Development Plan aims for approval by the end of 2024, with the first oil target now moved to late 2027 due to the early election call.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
