Based in London and Stockholm, I'm interested in how businesses are finding solutions to problems, from climate change to social issues and healthcare. A former fund manager and Financial Times writer, I bring an analytical approach to my stories. Follow and get in touch with me at @HeatherFarmbro www.HeatherFarmbrough.com HeatherFarmbrough@Forbes.
The name is Rosebank . It sounds innocent enough, but could prove to be one of the thorniest environmental dilemmas for the new U.K. government. Some 80 miles south-west of Shetland, one of the most unspoilt parts of the British Isles, Rosebank is believed to contain up to 300 barrels of oil and gas.
By 2030 it is expected to produce almost 8% of U.K. oil production, amounting to £25bn of British UK GDP over its likely 25-year lifetime. Its owners are the Norwegian energy company Equinor and the U.K.’s Ithaca Energy. Equinor is the leading operator on the Norwegian continental shelf. The previous Conservative government gave the go-ahead for a round of new exploration licences in 2023 and earlier this year, despite strong opposition from over 50 British Members of Parliament from all parties, Greenpeace and the green energy transition organisation Uplift. MPs argued Rosebank would produce 200m tonnes of carbon dioxide, more than the combined annual CO2 emissions of all 28 low-income countries globally.New Prime Minister Keir Starmer has pledged not to revoke any of these licenses, but Rosebank might be an exception, argues Matteo Ilardo, Europe Analyst at RANE. “The new Labour government has flagged it will be more ambitious with its climate and green energy policies than the previous Conservative administration,” he said.Today’s NYT Mini Crossword Clues And Answers For Wednesday, July 31 Starmer’s government has also decided to continue a levy on profits from the North Sea oil and gas fields first imposed by the Conservatives following the surge in oil prices following the invasion of Ukraine. It has said it willat Rosebank more challenging. The company intends reduce emissions from its operations by 70% by using renewable electricity to power operations., both positive in terms of job creation and negative in the immediate environmental effect, the new government faces a challenge in balancing the tax, energy and economic advantages of the proposed project with its commitment to limiting global warming. The argument against is stark. Carbon dioxide emissions from the combustion of fossil fuels is the main driver of global and the resulting climate change. A Grantham Research paper for the London Business School argues that to keep global warming below 2 per cent, 33% of the oil reserves, 49% of the gas reserves and 82% of the coal reserves identified by 2015 would need toThe U.K.’s offshore oil and gas industry is well past its heyday. North Sea oil and gas production peaked about 20 years ago and. Last year, the Conservative government estimated that only 65% of active oil fields would still be in production by 2030. In other words, Rosebank would provide a welcome boost to declining oil revenues. The independent advisory Climate Change Committee has said that while ending North Sea exploration would signal the U.K.’s commitment to the 1.5% temperature increase target, the country’s reliance on imported oil and gas for the immediate future means that it could actually be more environmentally advantageous to stop importing as much oil and generate more at home. However, the committee concluded that while the U.K. will continue to need some oil and gas till it reaches net zero, this would ‘not in itself justify the development of new North Sea fields.’ Falling oil and gas prices as a result of decarbonisation will also reduce the monetary gain from marginal increases in gas and oil production - but not to the extent that operating a major oil field such as Rosebank would not be profitable.Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.Insults, profanity, incoherent, obscene or inflammatory language or threats of any kindContinuous attempts to re-post comments that have been previously moderated/rejectedAttempts or tactics that put the site security at riskProtect your community.
U.K. Norway Equinor North Sea Ithaca Energy Keir Starmer
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