The UK risks being seen as “uninvestable” for oil and gas projects if the government blocks the Rosebank and Jackdaw developments, warned Anders Opedal, CEO of Norway’s Equinor, at the Energy Intelligence Forum in London. Both projects had their development consent revoked in early 2025 by Scotland’s Court of Session following the landmark Finch ruling, which requires authorities to consider carbon emissions from burning fuel, not just extraction. Equinor is developing the projects in a joint venture with Shell, with Ithaca Energy holding a 20% stake in Rosebank.
Opedal said approval is expected, but rejection would be a “major setback.” The decision tests Prime Minister Andy Burnham’s approach to fossil fuels and climate policy. UK Energy Secretary Miatta Fahnbulleh said she is reviewing all evidence. A decision on Jackdaw, located 150 miles east of Aberdeen, was delayed due to a London by-election.
Jackdaw could produce gas this winter amid global supply constraints linked to the war in Iran. Proponents argue domestic gas is less carbon-intensive than LNG imports. Rosebank, 80 miles northwest of the Shetland Islands, faces greater scrutiny since most North Sea oil is exported.
Labour’s 2024 manifesto pledged no new licences but upheld existing ones. The Department for Energy Security and Net Zero stated any decision will consider environmental assessments and public input.
Source: Financial Times Companies · Summarized by HeadlinesBriefing