The Jackdaw gas platform and drilling rig in the North Sea.
- Published2 hours ago
After a half-century wait, the United Kingdom now has an oil fund.
Chancellor John Healey announced the creation of an Energy Wealth Fund at the Jackdaw gas approval announcement on Wednesday, with £2bn of funding diverted from the existing National Wealth Fund.
A selection of energy exporting countries, mainly in the Gulf, but also including Norway, over the years have amassed multi-trillion funds using oil and gas revenues to create epic national piggy banks.
