Great Britain: “Green Light” To Huge Field In North Sea

The green light has been given from London to the development of what is recognized as the largest oil field in the North Sea.

Rosebank, the name of the disputed oil and gas field, will be able to produce 300 million barrels of crude oil and is not expected to be depleted until 2051. The project involves an initial investment of $3.8 billion from Norway’s Equinor and British partner Ithaca Energy. Investments for the entire operation cycle of the field are estimated at approximately $10 billion.

In July, the British government explained that it wanted to issue hundreds of new North Sea oil licenses despite its 2050 decarbonization targets.

“We must be ambitious but at the same time pragmatic,” said Deputy Minister for Energy Security Claire Coutinho, according to Italian economic newspaper Il Sole 24 Ore. “We will continue to support the oil and gas sector to protect our energy security and grow our economy.” However, Prime Minister Rishi Sunak, who has repeatedly said the UK’s energy security is a priority, just days ago expanded other decarbonization measures. He delayed a commitment to replace gas boilers with heat pumps and moved the ban on diesel and gasoline cars from 2030 to 2035.

“Approving this oilfield is morally obscene. It is a climate crime for which the government must be held accountable,” commented Caroline Lucas of the Green Party. “After the summer fires and after the hottest July on record, the government has approved the development of the largest oil and gas field yet to be developed in the North Sea: it would create more CO₂ pollution than the combined emissions of 28 low-income countries. Energy security and lower bills cannot be achieved by allowing highly subsidized foreign-owned fossil fuel giants to extract more oil and gas from our islands and sell it overseas to the highest bidder.”