UK risks being 'uninvestable' if new oil and gas fields not approved, warns Equinor
Summary
Equinor, an oil company partly owned by Norway, warned it might stop investing in the UK if new oil and gas projects like Rosebank and Jackdaw are not approved. The UK government is deciding whether to allow drilling, balancing energy needs and environmental concerns.Key Facts
- Equinor owns parts of the Rosebank and Jackdaw oil and gas fields in the UK North Sea.
- The UK government must approve new drilling projects, with decisions pending after public consultations.
- Rosebank is the UK’s largest undeveloped oil and gas field, with up to 500 million barrels of oil and gas.
- Both Rosebank and Jackdaw received initial approval but were delayed by a Scottish court ruling over climate impact concerns.
- Equinor says rejection of these projects could make the UK less attractive for future investments.
- The Jackdaw project’s construction is nearly finished and could supply gas to UK homes this winter if approved.
- Critics argue that new drilling will not lower energy bills and will mainly benefit foreign companies.
- The UK government says oil and gas remain important for energy while also working on clean power transition.
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