The China Mail - UK grants controversial North Sea oil and gas output

USD -
AED 3.67298
AFN 70.194145
ALL 87.342841
AMD 388.911102
ANG 1.80229
AOA 916.999901
ARS 1127.489628
AUD 1.55328
AWG 1.8
AZN 1.707668
BAM 1.737794
BBD 2.017593
BDT 121.409214
BGN 1.737984
BHD 0.376881
BIF 2972.677596
BMD 1
BND 1.297259
BOB 6.904794
BRL 5.655294
BSD 0.999245
BTN 85.280554
BWP 13.549247
BYN 3.27007
BYR 19600
BZD 2.007197
CAD 1.391955
CDF 2872.000193
CHF 0.834303
CLF 0.024361
CLP 934.830242
CNY 7.237301
CNH 7.21548
COP 4236.68
CRC 507.174908
CUC 1
CUP 26.5
CVE 97.974144
CZK 22.203991
DJF 177.937714
DKK 6.64471
DOP 58.79426
DZD 133.098996
EGP 50.591646
ERN 15
ETB 134.071527
EUR 0.890669
FJD 2.269199
FKP 0.751765
GBP 0.75247
GEL 2.745002
GGP 0.751765
GHS 13.139633
GIP 0.751765
GMD 71.487145
GNF 8653.427518
GTQ 7.685815
GYD 209.667244
HKD 7.79244
HNL 25.959394
HRK 6.7149
HTG 130.498912
HUF 359.654502
IDR 16515
ILS 3.539595
IMP 0.751765
INR 84.648105
IQD 1308.987516
IRR 42100.000336
ISK 130.839986
JEP 0.751765
JMD 158.834244
JOD 0.709298
JPY 145.992033
KES 129.149671
KGS 87.449943
KHR 4000.177707
KMF 436.499023
KPW 899.999605
KRW 1401.009786
KWD 0.30698
KYD 0.832734
KZT 515.695944
LAK 21600.248789
LBP 89531.298592
LKR 298.556133
LRD 199.848949
LSL 18.174153
LTL 2.95274
LVL 0.60489
LYD 5.476032
MAD 9.244125
MDL 17.126483
MGA 4495.979386
MKD 54.81826
MMK 2099.691958
MNT 3573.956258
MOP 8.005864
MRU 39.809854
MUR 45.939481
MVR 15.40203
MWK 1732.640277
MXN 19.45072
MYR 4.296996
MZN 63.892558
NAD 18.174153
NGN 1608.670209
NIO 36.767515
NOK 10.35708
NPR 136.448532
NZD 1.685431
OMR 0.384981
PAB 0.999245
PEN 3.630192
PGK 4.147674
PHP 55.373956
PKR 281.409214
PLN 3.77017
PYG 7988.804478
QAR 3.646186
RON 4.556897
RSD 104.145009
RUB 83.551937
RWF 1436.403216
SAR 3.750902
SBD 8.343881
SCR 14.20228
SDG 600.499412
SEK 9.71825
SGD 1.297975
SHP 0.785843
SLE 22.750006
SLL 20969.483762
SOS 571.060465
SRD 36.702502
STD 20697.981008
SVC 8.743169
SYP 13001.862587
SZL 18.166067
THB 33.1085
TJS 10.342085
TMT 3.51
TND 3.007952
TOP 2.342098
TRY 38.742995
TTD 6.788396
TWD 30.253794
TZS 2694.22798
UAH 41.510951
UGX 3657.203785
UYU 41.769959
UZS 12870.407393
VES 92.71499
VND 25976.5
VUV 121.003465
WST 2.778524
XAF 582.839753
XAG 0.030374
XAU 0.000305
XCD 2.70255
XDR 0.724866
XOF 582.839753
XPF 105.966502
YER 244.449779
ZAR 18.19469
ZMK 9001.200075
ZMW 26.305034
ZWL 321.999592
  • CMSD

    0.0100

    22.34

    +0.04%

  • SCS

    -0.0200

    10.46

    -0.19%

  • RELX

    0.3486

    53.85

    +0.65%

  • RBGPF

    65.2700

    65.27

    +100%

  • VOD

    0.0500

    9.3

    +0.54%

  • NGG

    0.5100

    70.69

    +0.72%

  • RYCEF

    0.0500

    10.55

    +0.47%

  • RIO

    0.8000

    59.98

    +1.33%

  • GSK

    -0.2500

    36.62

    -0.68%

  • CMSC

    -0.0500

    22.06

    -0.23%

  • JRI

    0.0300

    12.98

    +0.23%

  • AZN

    0.2700

    67.57

    +0.4%

  • BCE

    0.4800

    22.71

    +2.11%

  • BCC

    -0.9600

    88.62

    -1.08%

  • BP

    1.1800

    29.77

    +3.96%

  • BTI

    -1.6600

    41.64

    -3.99%

UK grants controversial North Sea oil and gas output
UK grants controversial North Sea oil and gas output / Photo: © AFP/File

UK grants controversial North Sea oil and gas output

Britain on Wednesday authorised oil and gas production in its largest undeveloped field to boost energy security, one week after diluting net zero targets, triggering more condemnation by green groups.

Text size:

Norwegian oil and gas producer Equinor and Ithaca Energy, a subsidiary of Israeli group Delek, will together invest $3.8 billion in developing the field situated in the North Sea off the coast of Scotland.

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

Equinor has an 80-percent interest in the project and Ithaca the remainder.

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

"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.

The UK government maintains it must beef up energy security via continued production of fossil fuels following the invasion of Ukraine by key producer Russia, even if it means impacting its target on net zero carbon emissions.

- 'We need oil and gas' -

"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 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.

Wednesday's announcement comes one week after Prime Minister Rishi Sunak softened policies aimed at the UK achieving net zero carbon emissions by 2050.

He did this by saying a ban on the sale of petrol and diesel cars would be pushed back from 2030 to 2035.

Sunak also announced an easing of energy efficiency targets for rental properties and backtracked on plans to make homeowners replace gas boilers with heat pumps.

The UK oil and gas regulator on Wednesday said the decision to authorise new North Sea output had taken "net zero considerations into account throughout the project's lifecycle".

- 'Morally obscene' -

But the announcement triggered fierce criticism from environmentalists.

"This is morally obscene," Green Party lawmaker Caroline Lucas said on the X social media platform, formally known as Twitter.

"It won't improve energy security or lower bills -- but it will shatter our climate commitments."

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".

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

Geir Tungesvik, executive vice president for projects, drilling and procurement at Equinor, said "developing the Rosebank field will allow us to grow our position as a broad energy partner to the UK, while optimising our oil and gas portfolio, and increasing energy supply in Europe".

Production to pump out a total 300 million barrels of oil was expected to begin in 2026-27.

N.Wan--ThChM