Rosebank Oil: Rosebank Set To Produce Millions Of Barrels Oil

Approximately 80 miles off the Shetland Islands, Rosebank will be constructed.

In the following three years, the main untapped resource Rosebank oil and gas field is anticipated to produce 69,000 barrels of oil per day.

The joint venture between the British company Ithaca Energy and the Norwegian corporation Equinor, which is expected to produce somewhere between 350 and 500 billion barrels, received regulatory approval.

A total of 450 individuals will work on the platforms after around 1,600 jobs are generated during the construction.

“The jobs and billions of pounds this is worth to our economy will allow us to have greater energy independence,” Energy Secretary Claire Coutinho said.

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We will keep supporting the UK’s oil and gas sector in order to strengthen our energy security, expand our economy, and aid in the switch to less expensive, cleaner energy.

However, the protesters below were against it.

Lord Zac Goldsmith, a Tory peer, stated: “It damages the UK’s credibility. It has hurt us tremendously.

More than 60 organizations have jointly issued a cautionary message to Equinor’s primary banking partners, advising against financing the Rosebank oil field on climate grounds.

According to data from Rystad Energy, Rosebank is the largest untapped oil and gas field in the North Sea, with an estimated reserve of around 300 to 500 million barrels of oil equivalent. If developed, the emissions from Rosebank would surpass the combined annual emissions of all low-income countries worldwide.

To maintain economic stability, Labour claims that if they are elected, they will not withdraw oil and gas licenses.

By 2050, the UK must achieve net zero carbon emissions under current laws.

In a fresh direction for environmental policy, Rishi Sunak this week announced a five-year postponement to the ban on buying brand-new gasoline and diesel vehicles.