North Energy Oil warns UK government's windfall tax and environmental guidelines may delay Buchan Horst project.

North Energy Oil (NEO) has cautioned that the UK government's increased windfall tax and new environmental guidelines may delay the Buchan Horst project, initially set to produce oil by late 2027. NEO, alongside partners Serica Energy and Jersey Oil & Gas, is seeking a license extension for further evaluation. The regulatory changes are expected to adversely affect the project's economics and overall viability, prompting a slowdown in development activities.

September 02, 2024
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