14th July 2023
Having yesterday talked about tipping points and a succession of divestment announcements, it now appears that approvals for the Rosebank oil field may be delayed.
“Rosebank, the UK’s largest undeveloped oil and gas field, is highly unlikely to be approved in time for parliamentary recess, amid growing concerns from regulators over electrification and net zero compatibility across the industry.
“City A.M. understands the site, which has to be green-lit by the Offshore Petroleum Regulator for Environment and Decommissioning (OPRED) and the North Sea Transition Authority (NSTA), is now not expected to be sanctioned until August at the earliest….
“When completed, Rosebank is expected to produce up to 500m barrels of oil and gas equivalent over its operating lifetime – which could begin as soon as 2027. This has made the project the subject of intense controversy, with climate groups and energy transition advocates calling for the project to be rejected amid fears it would jeopardise the country’s climate ambitions.
“City A.M. has learned that the NSTA has written directly to oil and gas companies operating in the North Sea, warning them of the importance of electrification for new offshore platforms across future projects…
“Regulators are determined for new developments, including oil and gas fields, to have a clear pathway for the green energy transition – as the UK races to reach net zero over the next three decades and decarbonise its electricity grid by 2035.” https://www.cityam.com/rosebank-faces-fresh-delay-amid-regulator-concerns-over-industry-net-zero-goals/
The Green Tau 