Oil Company Withdraws From Giant North Sea Project Over ‘Negative Political Rhetoric’

Published on June 12, 2024

The oil company Deltic Energy has blamed “negative political rhetoric” and fiscal uncertainty for not securing financing for a major North Sea gas project. On Tuesday in a notification on the London Stock Exchange, Deltic wrote that “deteriorating sentiment towards the oil and gas industry as a result of ongoing fiscal volatility and negative political rhetoric in the run-up to the July election” was the reason behind its decision to drop an oil project. The North Sea firm said that it was pulling out of a project to develop Pensacola, which could contain 326 million barrels of oil. In 2023, the oil giant Shell made a find in the Southern North Sea, a site perceived to be the largest natural gas in the North Sea in over a decade....

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