The UK’s largest untapped oil and gas field has been given the go-ahead by the oil and gas regulator.
The North Sea Transition Authority (NSTA) said that it gave consent for the Rosebank field, north-west of Shetland, “in accordance with our published guidance and taking net zero considerations into account throughout the project’s lifecycle”.
Environmental campaigners had opposed the development due to its impact on climate change. There were also cross-party objections from MPs and peers who warned that the new oil field could produce 200 million tonnes of carbon dioxide.
Norwegian energy group Equinor and UK-based Ithaca Energy will invest $3.8bn (£3.1bn) in the project.
Rosebank’s total recoverable resources are estimated at around 300 million barrels of oil, with Phase 1 targeting an estimated 245 million barrels of oil.
The approval was welcomed by the UK government, which said it would strengthen energy security. However, most of the output is likely to be exported.
Labour has said that, although it opposed the Rosebank development, it would not revoke the licence if it wins the next general election. The party has pledged to stop issuing new licences for North Sea fossil fuel projects.
