Jackdaw approval may spur £50bn investment in existing North Sea fields

The UK Government has approved the £2.1 billion Jackdaw gas project in the North Sea, which is expected to begin production within weeks. The decision could pave the way for further investment in existing licensed fields and nearby tieback projects, while the Government maintains its ban on new licences.

Jackdaw could produce enough gas to heat 1.4 million homes at peak output. Industry body Offshore Energies UK says more than 100 potential projects, including Rosebank, could attract £50 billion and support thousands of jobs; the UK is forecast to need more than 10 billion barrels of oil and gas by 2050, and spent £84 billion on energy imports last year.