Centrica, the owner of British Gas, has mothballed its South Morecambe gas field, following through on a threat made last month in response to increased taxes.
The firm said the government's decision to raise offshore drilling taxes had made the field uneconomical.
However, it added the site would be brought back into operation once the wholesale gas price reached a level where it became economical again.
No jobs would be lost, Centrica said.
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