Labour blamed for delaying 100 million barrels of North Sea oil as investment 'could collapse before 2030'

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Labour blamed for delaying 100 million barrels of North Sea oil as investment 'could collapse before 2030'.

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Labour has been accused of stalling the development of one of Britain's largest remaining North Sea oil and gas projects as industry leaders warn delays could jeopardise billions in investment and future tax revenues.The Buchan area, estimated to contain around 100 million barrels of oil and gas reserves, was originally expected to begin production this year under plans developed by Jersey Oil and Gas and its partners.Instead, the project has faced mounting uncertainty following Government intervention in the North Sea sector and ongoing consultations surrounding future tax and regulatory policy.In a shareholder update, Jersey Oil and Gas said: "The last year has frustratingly seen momentum slowing as a result of the Government's consultations on the future regulatory and fiscal direction of the UK North Sea." TRENDING Stories Videos Your Say The Buchan redevelopment project is being advanced through a joint venture involving Jersey Oil and Gas, Serica Energy and Neo Energy.The oil...

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