Huge new oil field in UK waters set to produce millions of barrels gets go-ahead
A HUGE new oil field in UK waters is expected to produce millions of barrels after getting the go-ahead yesterday.
Rosebank will be developed 80 miles off the Shetland Islands.
And the major untapped resource is expected to be producing 69,000 barrels of oil a day in the next three years.
Regulators gave the go-ahead for the joint enterprise between Brit company Ithaca Energy and Norway’s Equinor, which is predicted to yield anything from 350 to 500billion barrels.
Around 1,600 jobs will be created for the construction, with 450 people then working on the platforms.
Energy Secretary Claire Coutinho said: “The jobs and billions of pounds this is worth to our economy will enable us to have greater energy independence.
“We will continue to back the UK’s oil and gas industry to underpin our energy security, grow our economy and help us transition to cheaper, cleaner energy.”
But environmental activists, below, hit out.
Tory peer Lord Zac Goldsmith said: “It trashes the UK’s reputation. It’s done us immeasurable harm.”
Labour say they will not revoke oil and gas licences if they reach power to ensure stability in the economy.
The UK has a legal target to hit the target of net zero carbon emissions by 2050.
Rishi Sunak last week announced a five-year delay to the ban on purchasing new petrol and diesel cars in a new approach to eco policy.