A new oil and gas field development is projected to unlock Britain’s energy as both private investors and Rishi Sunak’s Government have given the green light to the project.
The Rosebank development was approved this morning by the North Sea Transition Authority (NSTA) having passed environmental hurdles set by regulators.
Located approximately 80 miles north of the Shetland islands, is reported to contain up to 350 million barrels of oil.
Rosebank could produce as much as 69,000 barrels of oil and 44 million cubic feet of gas per day, according to its owners.
“We are investing in our world-leading renewable energy but, as the independent Climate Change Committee recognise, we will need oil and gas as part of that mix on the path to net zero and so it makes sense to use our own supplies from North Sea fields such as Rosebank,” Energy Security Secretary Claire Coutinho said.
“The jobs and billions of pounds this is worth to our economy will enable us to have greater energy independence, making us more secure against tyrants like (Vladimir) Putin.
“We will continue to back the UK’s oil and gas industry to underpin our energy security, grow our economy and help us deliver the transition to cheaper, cleaner energy.”
The two companies behind the project, Ithaca Energy and Equinor have said they had made the decision to invest £3.1billion in the first phase of development.