Regulatory authorities have approved drilling in one of the North Sea’s most substantial undeveloped oil and gas fields, marking an initial investment of £3.1 billion.
The Norwegian state energy firm, Equinor, has been granted permission to advance with the Rosebank field, situated approximately 80 miles to the west of the Shetland Islands.
The firm anticipates extracting 300 million barrels of oil over the field’s lifespan.
The North Sea Transition Authority announced, “Today, we have sanctioned the Rosebank Field Development Plan, permitting the stakeholders to advance with their initiative.”
Equinor, alongside its British collaborator Ithaca Energy, plans to allocate $3.8 billion (£3.1 billion) in the inaugural phase of the project, forecasting a total direct investment of £8.1 billion.
This announcement could potentially revive discussions surrounding the UK’s strategy on climate change, especially following Rishi Sunak’s decision to postpone the prohibition on sales of new petrol and diesel vehicles from 2030 to 2035, moderating preliminary schemes aimed at aiding the UK in achieving net zero by 2050.
With approximately 283 fields in the #NorthSea, over 180 of them are projected to cease production in the upcoming decade. Failing to replace these will result in the #UK importing 80% of the #oil and #gas it will require. #Rosebank 🇬🇧 Domestic production helps the UK bypass more… https://t.co/ctZOAfncwW pic.twitter.com/MdYlYLoZeo
— Share_Talk ™ (@Share_Talk) September 27, 2023
David Whitehouse, the leader of Offshore Energy UK representing the oil and gas sector, remarked:
This announcement bodes well for our employment, economic prosperity, and assured energy future.
Fostering domestic production helps us bypass more expensive, higher carbon imports, securing more reliable energy supplies for the UK, within the UK.
Pursuing more initiatives like Rosebank is vital if we are earnest about realizing a domestic UK energy future.
With approximately 283 fields in the North Sea, over 180 of them are projected to cease production in the upcoming decade.
Failing to replace these will result in the UK importing 80% of the oil and gas it will require.
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