By Scott Wright
EQUINOR has declared the development of the Rosebank field west of Shetland would provide a major boost to UK energy supplies and lead to direct investment of £6.1 billion in UK businesses if the project is sanctioned, as it highlighted the “vital role” that oil and gas will play in the next few decades while the transition to new energy systems takes place.
Amid heightened concern over energy prices and security, the company said a socioeconomic study has shown that the field would have a “significant impact on the UK production outlook.”
Rosebank could account for eight per cent of the UK’s oil production from 2026 to 2030, according to the study from Wood Mackenzie and Voar Energy.
Equinor stated that the UK only produced 57% of the oil volumes and 41% of the gas it required in 2021.
The study found the field would generate a total economic impact of £24.1 billion over the lifetime of the project, estimating that more than 1,600 jobs will be supported at the height of the construction phase in the second quarter of 2025. An average of 450 UK-based jobs will be supported over the duration.
While Equinor said hydrocarbons have a vital role to play in energy supply in the coming years, it underlined that it was committed to achieving net zero carbon emissions.
The company, which said the Rosebank field is factored into the UK Government’s carbon budget, is one of three joint venture partners currently building the giant Dogger Bank wind farm off the North-east coast of England. Equinor has a 40% stake in the project, which will be the largest wind farm in the world when complete.
Arne Gürtner, senior vice president upstream in the UK and Ireland, said: “Equinor is committed to net zero by 2050 and is ready to invest to bring energy security while also transitioning to lower-carbon energy sources over the coming years.”
“That said, for the next few decades oil and gas will continue to play a vital role alongside these low carbon systems. Therefore, while we still need oil and gas, we aim to develop and operate projects such as Rosebank with the lowest possible carbon footprint while bringing the maximum value to society in the shape of UK investment, local jobs and energy security.”
Equinor acquired operatorship of Rosebank in 2019, and is working towards a final investment decision with partners in 2023.
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