Mr Benitz said preparatory work would continue for now, including surveys of the seabed needed prior to drilling and preparation of the “Western Isles” – a floating production, storage and offloading vessel.
However, production is now not expected until 2027. Developers were previously hoping to have oil pumping by 2026.
Buchan is being jointly developed by three UK operators: Jersey Oil and Gas, Serica Energy and Neo Energy, who have formed a partnership to exploit Buchan.
Earlier this year Serica Energy secured a 30pc interest in the Greater Buchan Area (GBA) from Jersey Oil and Gas. Neo Energy, operator of Buchan, owns a 50pc stake while Jersey accounts for the remaining 20pc.
David Latin, chairman and interim chief executive of Serica, said: “The current uncertain environment makes investment decisions difficult. The Buchan redevelopment project ticks all the right boxes in terms of its reuse of existing infrastructure, expected low emissions, contribution to domestic security of energy supply, and of course its generation of both UK tax revenues and jobs.
“It is a large project and exactly the kind that any UK Government should be supporting.”
Shares in Serica fell 1.2pc.
The postponement follows a warning from key analysts that Labour’s tax plans for North Sea operators would be devastating for the industry.
Chris Wheaton, an analyst at Stifel, said in a recent note: “Any further increases to the windfall tax take, especially through the removal of investment allowances, would result in substantially lower investment and, therefore, lower tax income for the UK, fewer jobs, loss of skills for the green transition, higher emissions, and the export of jobs, skills and the UK’s energy security to other energy-producing countries.
“Energy security is national security; the UK would lose both, with the decline in North Sea gas production leaving the UK importing 80pc of its gas demand by 2030.”
Labour was approached for comment. Neo Energy declined to comment.