UK creates £2bn Energy Wealth Fund alongside Jackdaw gas approval
One Turn followed this story across 4 editions, from Aberdeen, Scotland, United Kingdom on October 19, 2026. Newest first.
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 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.
Energy Secretary Miatta Fahnbulleh authorized consent for the Jackdaw gas field, about 150 miles east of Aberdeen, which operator Adura expects to supply gas by the end of the month. Greenpeace criticized the decision, Conservative leader Kemi Badenoch urged lifting the ban on new licences, and the Guardian reported Fahnbulleh is leaning toward rejecting the larger Rosebank oilfield.
Why it matters: It is the first new North Sea project approved since the Gulf war pushed up energy prices.
The UK government is expected to give the go-ahead to the Jackdaw gas field on Wednesday, according to the Guardian and BBC. Climate campaigners and some Labour MPs oppose the decision, which the Guardian said signals Prime Minister Andy Burnham's commitment to the North Sea industry.
Why it matters: The decision affects UK domestic gas supply during a period of high energy prices.
Unite said more than 160 offshore workers will stage a 24-hour strike from Wednesday, warning walkouts over the coming weeks could severely disrupt UK fuel supplies.
Why it matters: Disruption would add to fuel pressure in Europe during the Middle East supply crisis.