Key facts
- Equinor CEO Anders Opedal warned the UK could become 'uninvestable' if new oil and gas fields are rejected.
- The UK government is expected to decide on final approval for the Rosebank and Jackdaw fields.
- Rosebank is the UK's largest undeveloped oil and gas field, potentially holding up to 500 million barrels.
- Adura stated Jackdaw is 99% complete and could supply gas this winter if approved soon.
- Environmental group Uplift argues Rosebank oil is for export and won't cut UK energy bills.
Norwegian energy giant Equinor has warned that the UK risks becoming 'uninvestable' if it rejects new oil and gas field developments, such as Rosebank and Jackdaw. Anders Opedal, CEO of Equinor, stated that the company would 'have to take a hard view' on future investments in the UK if a decision was made to reject new drilling.
The warning comes as the UK government is set to decide whether to grant final approval for the Rosebank and Jackdaw fields, despite environmental concerns. UK production is forecast to halve by 2035, and the country already relies on Norway for half of its gas needs. Opedal suggested that producing more oil and gas domestically is a 'political choice'.
Rosebank is described as the UK's largest undeveloped oil and gas field, potentially holding up to 500 million barrels of oil and gas. Its exploration licence was granted 25 years ago, with the discovery made in 2004 and a final investment decision in 2023. Both fields were initially approved by the former Conservative government but faced delays due to a legal ruling concerning climate impact assessments. The final decision now rests with Energy Secretary Miatta Fahnbulleh.
Adura, the joint venture operating both fields, has indicated that Jackdaw is 99% complete and could begin supplying gas to UK homes this winter if approval is granted soon. However, Tessa Khan, executive director of Uplift, argued that new drilling at Rosebank would primarily benefit Equinor and the Norwegian government through exports, without significantly lowering UK energy bills.