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UK creates £2bn Energy Wealth Fund alongside Jackdaw gas approval
The UK government announced a £2 billion Energy Wealth Fund to channel North Sea oil and gas tax revenues, alongside approval for production from the Jackdaw gas field. The Treasury also calculated how much Britain could have raised had it invested past North Sea proceeds, while Scottish politicians criticized the Jackdaw decision as taken outside Scotland.
Why it matters
The decisions affect UK gas supply ahead of winter and how future energy revenues are invested.
Background
Labour promised in 2024 not to issue new oil and gas licenses, but Jackdaw had been licensed earlier. Norway has invested its petroleum revenues in a sovereign fund since the 1990s.
The story so far
- North Sea rig workers plan strikes that could hit UK fuel supply
- UK set to approve Jackdaw North Sea gas field
- UK approves Jackdaw North Sea gas field
- UK creates £2bn Energy Wealth Fund alongside Jackdaw gas approval
- UK cabinet split over Rosebank North Sea oilfield
Sources
- OilPrice ↗Oct 22, 12:00 PM ET
- BBC Business ↗Oct 21, 7:27 PM ET
- The Hindu ↗Oct 21, 3:30 AM ET
This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.