UK greenlights North Sea oil drilling a week after diluting net-zero targets

The United Kingdom on Wednesday (September 27) greenlit oil and gas production in Rosebank field, the country's largest undeveloped field, in order to bolster energy security. The development has come one week after British government diluted its net-zero targets. Both developments have triggered condemnation from environmentalists.

Equinor and Ithaca energy will together invest USD 3.8 billion to develop the field. Equinor is a Norwegian oil and gas producer while Ithaca Energy is a subsidiary of Israeli group Delek.

The Rosebank oil field is in the North Sea off the coast of Scotland.

UK oil and gas regulator, The North Sea Transition Authority, said it had "granted development and production consent for the Rosebank field, north-west of Shetland".

Equinor has an 80 per cent interest in the project while Ithaca has the remainder.

"Rosebank stands as the largest undeveloped field in the UK," said Gilad Myerson, executive chairman at Ithaca Energy, as quoted by Reuters.

"The Rosebank project will create thousands of jobs and contribute significantly to securing the UK's energy needs for many years to come," he added.

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The UK has now taken a stance that it should continue to produce fossil fuels to ensure energy security, especially in the wake of Russian invasion of Ukraine, even if it means pushing back net-zero carbon emissions target. Ukraine war has created hurdles in energy supply to Europe. Russia was a key energy provider to Europe and has reduced supply since last year as retaliation to economic sanctions.

"We are investing in our world-leading renewable energy but... 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," said UK Energy Security Secretary Claire Coutinho.

"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," she added.

The development hasn't gone down well with environmentalists.

Philip Evans, Greenpeace UK's climate campaigner, said, "Sunak has proven once and for all that he puts the profits of oil companies above everyday people".

"We know that relying on fossil fuels is terrible for our energy security, the cost of living, and the climate," he added in a statement.

(With inputs from agencies)

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