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Equinor warns it could halt new UK investment over Rosebank decision
Equinor said UK production is forecast to halve by 2035, raising questions about future energy security if Rosebank and Jackdaw are not approved.
Equinor warned the UK could become effectively uninvestable if regulators do not approve new oil and gas projects at Rosebank and Jackdaw, adding that it may shun further investment in the country. Anders Opedal, the CEO of the Norwegian state oil company and part owner of the sites, told the BBC the company would have to take a hard view if a decision rejects new drilling.
The warning comes ahead of a UK government decision on final approval for extracting oil and gas at Rosebank and Jackdaw, despite a ban pledged in Labour's election manifesto. Equinor said rising energy prices have renewed debate over the UK's energy security, and it pointed to a forecast that UK production will halve by 2035.
Equinor also noted that the UK relies on Norway for about half of its gas needs, while the Norwegian government has continued issuing new licences for oil and gas exploration in its North Sea waters. The company predicted its own production would stay at current levels until the middle of the next decade, and Opedal said he was confident the UK prime minister's stated pragmatic approach to oil and gas would lead to approval of both projects.