Net zero backlash after largest untapped North Sea oil field given go-ahead - latest updates.
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- 8:38am
- Labour would not revoke Rosebank licence, says shadow minister
- 8:28am
- North Sea oil field 'morally obscene,' says Lucas
- 7:49am
- North Sea drilling will have 'substantial economic impact'
- 7:45am
- Pendragon boosts profits amid takeover tussle
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Regulators have given the green light to drill in the largest undeveloped oil and gas field in the North Sea sparking a backlash from climate campaigners.
Norwegian state energy company Equinor has received the go-ahead to progress with the Rosebank field roughly 80 miles west of the Shetland Islands.
The company expects to produce 300m barrels of oil from the field in its lifetime.
The North Sea Transition Authority said: “We have today approved the Rosebank Field Development Plan which allows the owners to proceed with their project.”
Together with its British partner Ithaca Energy, Equinor will invest $3.8bn (£3.1bn) in the first phase of the development, which is expected to lead to £8.1bn of total direct investment.
The announcement comes after Rishi Sunak last week delayed the ban on the sale of new petrol and diesel cars from 2030 to 2035 as he watered down interim plans designed to help the UK hit net zero by 2050.
Greenpeace UK climate campaigner Philip Evans said: “Rishi Sunak has proven once and for all that he puts the profits of oil companies above everyday people.”
Green Party MP Caroline Lucas said: “Giving the green light to this huge new oil field is morally obscene.” DT.
