Neo Energy cited uncertainty related to the UK Labour government's fossil fuel policies as a primary reason for slowing down its North Sea investments, particularly regarding taxes and environmental regulations.
The decision to delay investment comes after government announcements that increased uncertainty in the oil and gas sector, with rising tax prospects and stricter environmental rules complicating the development of projects.
Recently, the Labour government faced legal challenges from environmental groups like Greenpeace regarding its decisions on North Sea projects, emphasizing the need for compatibility with net zero carbon emissions targets.
Neo's caution reflects broader industry concerns regarding the economic viability of major projects such as Buchan Horst, highlighting a complex balance between fossil fuel development and transitioning to green energy.
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