INEOS welcomes Jackdaw approval but calls for a North Sea tax overhaul
INEOS says approving the Jackdaw gas field is the right call, yet heavy taxes and slow decisions are pushing investment out of the North Sea, per Market Talk.
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what happened
Chemicals maker INEOS has called the approval of the offshore UK gas field Jackdaw the correct decision, according to Market Talk. The company's spokesperson argues, however, that this step will not halt the harm being inflicted on the North Sea oil and gas industry.
According to the spokesperson, high taxes and delayed decisions are discouraging investment that supports jobs, output and tax receipts. Keeping the 78% levy on profits from oil and gas produced in the UK in the coming budget would, in INEOS's view, make the problem worse.
why it matters
For markets, this signals that the investment climate for UK production remains strained. Lower output in the North Sea could tighten domestic gas supply and shift expectations for deliveries, and the upcoming UK budget is worth watching as a risk factor for local energy producers.
market impact
North Sea gas and oil: tax burden curbs investment, a factor for NBP gas and Brent
tags
instruments
sources
- Jackdaw Approval Is Welcome But Tax Regime Needs Overhaul, INEOS Says — Market Talk, 21 October 2026 at 09:20 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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