Challenges including increases in UK taxation have prompted operator Parkmead Group to drop plans to develop its Greater Perth project in the North Sea. The operator said it would no longer pursue the 100%-owned project in the Moray Firth and that the licenses P588 and P2154 containing the Perth discovery will not be extended.
The company said that without full and committed engagement from industry partners, it “would not be practical” to progress the development to FID, particularly recognizing the massive level of capital investment required, estimated at $1 billion.