The biggest oil and gas field in the UK, called Rosebank, has been approved by the regulator to start extraction.
This area, located 80 miles to the west of Shetland, has about 300 million barrels of oil. It is the UK’s biggest oil site that hasn’t been developed yet, and it is twice as big as the disputed Cambo oil field.
The North Sea Transition Authority (NSTA) announced that the oil and gas regulator has given permission to Equinor and Ithaca Energy, who own the North Sea oil and gas reserves. This permission was granted after reviewing and accepting the Environmental Statement.
They plan to begin making things in the end of 2026. They say this machine can extract 69,000 barrels of oil every day at its highest point. This is about 8% of the total oil production in the UK each day. It can also extract 44 million cubic feet of gas daily.
The UK government believes that having more oil will make the country more secure in terms of energy. However, most of this oil is likely to be sold to Europe and then brought back to the UK as refined products.
A spokesperson for NSTA said: ‘We have given approval to the Rosebank Field Development Plan. This means that the owners can now move forward with their project. ‘
‘The FDP is given based on our published guidance and considering the impact on achieving net zero emissions throughout the entire project. ‘
Energy Security Secretary Claire Coutinho stated that while investments are being made in renewable energy, it is also recognized by the independent Climate Change Committee that oil and gas will still be necessary on the journey to achieving net zero emissions. Therefore, it is logical to utilize our own oil and gas reserves from North Sea fields like Rosebank.
The jobs and lots of money that this brings to our economy will help us become less dependent on other countries for energy. This will make us safer and less vulnerable to leaders like Putin.
‘We will keep supporting the UK’s oil and gas industry to ensure our energy security, boost our economy, and assist in transitioning to more affordable and cleaner energy. ‘
Greta Thunberg and other environmental activists strongly disliked the development.
Activists from Fossil Free London, Stop Rosebank, and other groups gathered in Westminster today to protest after the government gave its approval.
Many people gathered outside the Department for Energy Security and Net Zero on Whitehall Place. They were shouting slogans, holding signs, and lighting flares.
Philip Evans, a climate campaigner from Greenpeace UK, stated that Rishi Sunak has clearly shown that he prioritizes the profits of oil companies over the well-being of regular people.
Our very expensive bills and the recent very bad weather have made it clear to us.
The unfortunate reality is that Sunak is favoring certain groups, showing how much control the fossil fuel industry has on the government’s choices.
‘Why would he do something so dangerous. ‘
The two companies, Ithaca Energy and Equinor, have decided to invest 3. 8 billion dollars (£3. 1 billion) in the Rosebank oil field.
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