Firm Behind Failed Surrey Oil Project Sells Site at Steep Loss, Rebrands
New owners who bought Horse Hill for £1m are seeking fresh permission to drill, despite a 2024 Supreme Court ruling against the project
The company behind a controversial plan to drill for oil at Horse Hill in Surrey has sold the site for a fraction of what it spent on it, following a landmark Supreme Court ruling that blocked the project, according to the Guardian.
The Supreme Court ruled in 2024 that the environmental impact assessments for the Horse Hill drilling project should have accounted for the greenhouse gas emissions produced when the extracted oil is eventually burned, not just those released during extraction itself. The decision effectively halted the company's plans to proceed with drilling at the site.
According to the Guardian, the original company has since sold the site for £1m, a figure described as a fraction of what it had previously invested in the project, and has rebranded itself as a clean energy company.
The Guardian reported that the site's new owners are now applying once again for permission to extract oil at Horse Hill, despite the 2024 Supreme Court ruling that had derailed the previous attempt.
Details of the new owners and the specifics of their fresh application were not fully outlined in the available reporting. The Guardian's report indicates the case highlights ongoing tension between fossil fuel extraction ambitions and legal and environmental scrutiny in the UK.
Sources
- Company behind failed Surrey oilfield project sells site at massive loss — The Guardian — World
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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