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Market Chatter: UK PM Likely to Approve North Sea Jackdaw Gas Field Development

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The UK Prime Minister Andy Burnham appears to be favorable to the development of the major Jackdaw gas field in the North Sea, British newspaper the Telegraph reported on Monday.

Members of Labour party have told Telegraph that Burnham is "leaning towards approving Jackdaw", the article said.

Another similar project that could produce natural gas and oil looks less likely to proceed however, with Labour party figures now warning the industry to prepare for its rejection, with ministers reluctant to approve two large fossil fuel developments in the midst of a heatwave, fearing political repercussions.

The results of a consultation on both projects will be considered by the Offshore Petroleum Regulator for Environment and Decommissioning, the article said, in reference to a regulatory body within the Department for Energy Security and Net Zero, with a final decision from Energy Secretary Miatta Fahnbulleh.

The PM office did not immediately respond to' request for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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