Controversial Rosebank Oil and Gas Field Development Garner Approval in the UK

LONDON — In a significant move, British regulators granted approval on Wednesday for Norway’s energy giant Equinor to develop the highly debated U.K. offshore Rosebank field located in the mesmerizing North Sea, just off the scenic northwest coast of the Shetland Islands.

The North Sea Transition Authority also confirmed that it has given the necessary consent.

The U.K. government announced its permission for operator Equinor and British energy company Ithaca Energy, who hold respective 80% and 20% stakes in the field, to proceed with the project after undergoing “extensive scrutiny by the regulators,” including an in-depth evaluation of the project’s environmental impact.

Equinor, who will be pursuing the project in two phases, estimates that it will generate an astounding £8.1 billion ($9.8 billion) in direct investment.

“While we continue to invest in our world-leading renewable energy, it’s crucial to recognize that, according to the independent Climate Change Committee, oil and gas will still be required on our journey to achieve net zero emissions. It makes perfect sense to utilize our own resources from North Sea fields like Rosebank,” emphasized U.K. Energy Security and Net Zero Secretary Claire Coutinho in a statement.

Finance Minister Jeremy Hunt expressed his stance, stating, “As we expedite the development of renewables and nuclear power, it’s imperative to acknowledge that we will still rely on oil and gas for several decades. Let’s prioritize sourcing more of what we need from within British waters.”

The Rosebank project has faced significant public opposition due to concerns over its potential environmental impact. This approval follows Britain’s decision in July to issue hundreds of new oil and gas licenses in the North Sea, despite its commitment to decarbonize all sectors of the national economy by 2050.

This is a developing news story. Updates will follow soon.