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Saturday, December 9, 2023

UK authorizes oil, gas production in North Sea

LONDON—Britain on Wednesday authorized 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.

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.

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