Chancellor Rachel Reeves has signalled her support for the Jackdaw and Rosebank developments, saying she hopes the UK Government honours its manifesto commitment to existing North Sea licences.
Speaking at the British Chambers of Commerce Global Annual Conference yesterday, Reeves said the North Sea would remain an important part of the UK's energy mix and confirmed decisions on the two projects are expected shortly.
"I've been very clear that I think that the North Sea is a crucial asset for the UK and that oil and gas will be an important part of our energy mix for years to come. And I'm very keen to make sure that we use that resource to ensure our energy security.
"And there are decisions to be made shortly on both Rosebank and Jackdaw. Those are quasi-judicial decisions. But in our manifesto two years ago, we committed to honour existing licences, and I hope that we do."
The comments come days after Adura submitted further information requested by regulators as part of the consenting process for the two developments.
More than £3billion has already been invested in Jackdaw and Rosebank. Jackdaw's platform has been installed and is in the final stages of preparation ahead of start-up, while the Petrojarl Rosebank floating production vessel arrived west of Shetland last month.
Adura estimates the projects could generate £28.7 billion of gross value added over their producing lifetimes, supporting 3,500 jobs during construction and sustaining 880 jobs and 125 apprenticeships thereafter. The company also estimates the developments would generate £1.4billion in tax revenues before the end of the current Parliament and £3.8billion by 2034.