2023-09-27 14:13:19
Britain has approved one of the biggest new oil and gas projects, Equinor’s ( EQNROL ) North Sea Rosebank field, despite opposition from environmentalists, citing energy security as a priority.
Wednesday’s announcement came after Prime Minister Rishi Sunak watered down interim plans for the government’s 2050 net zero emissions goal, which critics said would encourage other countries to rein in their climate ambitions.
Energy Security Minister Claire Coutinho said Rosebank would have lower emissions than older oil and gas developments.
“We will continue to support the UK’s oil and gas industry to help us transition to cheaper and cleaner energy to underpin our energy security and grow the economy,” she said.
The cornerstone of Rosebank’s plan to reduce emissions intensity is to electrify the extraction process.
Norwegian energy group Equinor said the first field, located west of the Shetland Islands, would start production in 2026/27 and be electrified in 2030.
Environmental campaigners had called on the government to halt the development of Rosebank, saying it ran counter to its plan for a net-zero economy.
But Mr Sunak threw his weight behind the North Sea in July, saying Britain needed new domestic fossil fuels to improve energy security and that oil and gas would be part of the country’s energy mix by 2050.
The Rosebank field, relatively small in global terms, is expected to produce 300 million barrels of oil over its lifetime.
Green Party lawmaker Caroline Lucas said, “Giving the green light for this huge new oil field is morally obscene. This government must take responsibility.”
The main opposition Labor party, which wants to focus on clean energy, has said it will honor any licenses granted before the next election, including by Rosebank.
Campaign group Uplift said Britain would struggle to benefit from Rosebank because most of the oil is refined overseas.
“By endorsing Rosebank, Rishi Sunak has confirmed that he couldn’t care less about climate change,” said Uplift’s Tessa Khan.
Equinor said light and sweet oil of the type contained in Rosebank could be used by most refineries, including Britain, and the country would receive crude through the open market.
The Japanese government should offer tax breaks to companies investing in strategically important sectors
Oil and gas production from Britain’s North Sea has shrunk by two-thirds in the past 20 years, but the industry is still a major contributor to the economy, supporting 200,000 jobs and expected to generate £50 billion in tax revenue over the next five years.
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