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Update: Market Chatter: UK Government Said to Greenlight Shell, Equinor's North Sea Gas Project

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(Updates with statement from UK Department for Energy Security & Net Zero)

The UK Department for Energy Security & Net Zero is set to approve the drilling application for Shell (SHEL.L, SHELL.AS) and Equinor's (EQNR.OL) Jackdaw gas field development in the Central North Sea, The Times reported Friday.

Government sources told the British newspaper that Prime Minister Andy Burnham is expected to announce the decision during a visit to Aberdeen, Scotland, on Sept. 15.

The oil and gas companies reapplied for the permit after a climate-related court ruling in 2025 resulted in stricter regulations, according to the report.

A spokesperson for the UK Department for Energy Security & Net Zero toldthat the government office does not comment on speculation, adding, "Any decision will take into account all relevant evidence, including environmental assessments and public representations received during the consultation process."

(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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