Robert Besser
28 May 2022, 17:27 GMT+10
LONDON, England: UK officials are expected to approve a request by Shell Oil to develop a North Sea gas field, which earlier was prevented from development.
Sources told Reuters that UK regulator, the Offshore Petroleum Regulator for Environment and Decommissioning (OPRED), is expected to approve the development plan. The Shell plan was initially rejected for environmental reasons.
In March, Shell sent its updated environmental development plans for the Jackdaw field to OPRED.
Under the new plan, Shell will begin production at the field by the second half of 2025, supplying 6.5 percent of Britain's gas needs.
In October, OPRED rejected Shell's first development plan for the field, which has reserves of between 120 and 250 million barrels of oil equivalent.
Reuters reports that after no significant objections were raised during a public consultation period, regulators are now expected to give the go-ahead to the new plan within days.
"Development proposals for oilfields under existing licenses are a matter for the independent regulators. No decision has been taken yet," a government spokesperson said.
Shell has not commented on the reports.
The new application comes amidst surging energy prices in the UK due to Russia's invasion of Ukraine, leading the British government to urge domestic producers to ramp up domestic oil and gas production.
Get a daily dose of Business Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Business Sun.
More InformationNEW YORK, New York - A relief rally hit Wall Street Friday as lawmakers made some progress on the debt ...
NEW YORK, New York - U.S. stocks continued to lose ground Wednesday as the top politicians in the country again ...
NEW YORK, New York - U.S. stocks were under pressure Tuesday as money markets roiled over the failure of lawmakers ...
TOKYO, Japan: Data released this week showed that in the quarter through March, Japan's economy grew at a rate of ...
New Delhi [India], May 27 (ANI): Delhi Lieutenant Governor VK Saxena on Saturday visited the 187-year-old heritage St James' Church ...
New Delhi [India], May 27 (ANI): In two weeks, markets witnessed a consolidation phase and experts said this momentum is ...
Representative Mike Gallagher, chair of the U.S. House of Representatives committee on China, says that after Beijing banned the sale ...
SAN FRANCISCO, California: US semiconductor toolmaker Applied Materials Inc has said it plans to spend up to $4 billion on ...
BEIJING, China: Amid its feud with Washington over technology and security, the Chinese government told manufacturers of computer equipment to ...
Washington [US], May 27 (ANI): State-sponsored Chinese hackers have infiltrated critical US infrastructure networks, said the United States, its Western ...
BEIJING - China and South Korea have agreed to strengthen dialog and cooperation on semiconductor industry supply chains, amid broader ...
Washington [US], May 27 (ANI): Chinese President Xi Jinping's new anti-spy law -- which is set to take effect on ...