Rosebank oil field given go-ahead by regulator

The controversial Rosebank offshore development off Shetland has been granted consent by regulators.

Located 80 miles of west of Shetland, Rosebank is the UK's largest untapped oil field and is estimated to contain 500 million barrels of oil.

Development and production consents have been given to owners Equinor and Ithaca Energy, following the acceptance of an environmental statement.

A decision on its development had been repeatedly delayed.

Last month 50 MPs and peers from all major parties raised concerns the oil field could produce 200m tonnes of carbon dioxide.

They wrote to then energy secretary Grant Shapps urging him to block Rosebank, adding that most of the cost of development would be shouldered by the taxpayer.

It comes after the government said it would issue hundreds of new licences for oil and gas exploration in the North Sea.

A spokesperson for the oil and gas regulator, the North Sea Transition Authority (NSTA), said: "We have approved the Rosebank Field Development Plan which allows the owners to proceed with their project."

They added it had been awarded "in accordance with our published guidance and taking net zero considerations into account throughout the project's lifecycle".

Ithaca Energy and Equinor have previously said if production started in 2026, then Rosebank could account for 8% of the UK's total oil production between then and 2030.

It has been predicted that Rosebank - located 80 miles of west of Shetland - could produce 69,000 barrels of oil a day at its peak, and about 44 million cubic feet of gas per day in its first 10 years.

Gilad Myerson, executive chairman of Ithaca Energy, said: "Rosebank stands as the largest undeveloped field in the UK, and with the receipt of development consent from the NSTA, we are now poised to embark on a journey that will not only provide critically important domestic energy but also ignite substantial economic impact."