Key facts
- Equinor warned the UK could become 'uninvestable' if new oil and gas fields are not approved.
- CEO Anders Opedal said Equinor would reassess future investments if drilling is rejected.
- The UK government is deciding on final approval for the Rosebank and Jackdaw fields.
- Rosebank is the UK's largest undeveloped oil and gas field, potentially holding 500 million barrels.
- Jackdaw could start delivering gas this winter if approved soon, with construction 99% complete.
- Uplift stated Rosebank oil is for export and would not lower UK energy bills.
Norwegian energy giant Equinor has warned that the UK risks becoming an 'uninvestable' market if it rejects new oil and gas field developments, specifically citing the Rosebank and Jackdaw fields. Anders Opedal, CEO of Equinor, stated that the company would 'have to take a hard view' on future investments if a decision is made to reject new drilling.
The UK government is currently considering whether to grant final approval for these fields. Environmental groups have previously raised concerns that consent was given without fully considering the climate impact. A legal ruling from a Scottish court had delayed the projects.
Rosebank is described as the UK's largest undeveloped oil and gas field, potentially holding up to 500 million barrels of oil and gas. The exploration licence for this site was originally granted in 2001, with the discovery made in 2004 and a final investment decision made in 2023. Jackdaw, operated by Adura (a joint venture between Equinor and Shell), could begin delivering gas to UK homes by winter if approved soon, as its construction is reportedly 99% complete.
Opedal expressed confidence that the projects would be approved, noting that the UK could produce more of its own oil and gas, calling it a 'political choice'. He highlighted that the North Sea industry originated in the UK and that similar geology exists on both sides of the border.
However, Tessa Khan, executive director of Uplift, an organization advocating for a move away from fossil fuels, argued that new drilling at Rosebank would not reduce energy bills and would primarily benefit Equinor and the Norwegian government through exports. She stated it was 'a bad deal for Britain'. A government spokesperson affirmed that the North Sea remains a 'vital national asset' and that oil and gas will play a role in the energy system alongside clean power, with any decision considering all relevant evidence.