Credit: iStock – mtreasure
The government has approved drilling for gas from the new Jackdaw field in the North Sea.
Energy Secretary Miatta Fahnbulleh said that the North Sea Transition Authority should be allowed to grant consent for the Jackdaw project, which is expected to increase domestic gas production by around 6% at its peak.
Alongside the approval, Chancellor of the Exchequer John Healey announced the establishment of a new Energy Wealth Fund that will use tax revenues from North Sea oil and gas to invest in renewable and low carbon energy projects. The government has injected an initial £2bn into the fund.
Greg Jackson, founder and CEO of Octopus Energy Group, welcomed the approval of the Jackdaw gas field, but said it had to be done in tandem with speeding up the adoption of heat pumps.
