Britain has given the go-ahead for one of its biggest new oil and gas projects in years, Equinor's (EQNR.OL) North Sea Rosebank field, saying energy security was the priority despite opposition from environmentalists.
Wednesday's announcement comes after Prime Minister Rishi Sunak watered down interim plans for the government's 2050 net zero emissions target, a move that critics said could also encourage other countries to rein in their climate ambitions.
Energy Security Minister Claire Coutinho said Rosebank would be less emissions-intensive than older oil and gas developments.
"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 said.
The cornerstone of the plan to make Rosebank less emissions-intensive is to electrify the extraction process.
Norwegian energy group Equinor said the earliest the field, located west of the Shetland Islands and due to start output in 2026/27, would be electrified is 2030.
Environmental campaigners had urged the government to halt development of Rosebank, saying it contravened the plan for a net-zero economy.
But Sunak threw his weight behind the North Sea in July, saying Britain needed new domestic fossil fuels to improve energy security and that oil and gas would still feature in the country's energy mix even by 2050.
Reuters
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