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UK: Labour wants Rosebank oil field shut before it even begins production

04 Jan 2023

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Labour has urged the UK Business Secretary to shut down the Rosebank oil field off Scotland even before it begins production.

Dan Carden, MP for Liverpool Walton, asked Grant Shapps to reject the development, saying the 'evidence is clear' that the world can't meet Paris climate goals if new oil and gas infrastructure is developed.

However, the UK Government is still stressing why new projects like Rosebank are needed.

Mr Carden's letter cited a UN report last year estimating that global emissions need to drop 43% by 2030 if the world is to remain on-track for 1.5C warming.

The operator of Rosebank, Norway's Equinor said in August that it is still working towards a final investment decision on Rosebank in the first quarter of this year.

Equinor said that, 'over the lifetime of the project, Rosebank will generate a total of £24.1 billion of gross value add (GVA), comprised of direct, indirect and induced economic impacts.

Rosebank, which is factored into the UK Government’s carbon budget, will have a significant impact on the UK production outlook. In 2021, the UK only produced 57% of the volumes required to meet oil demand and 41% of national gas demand.

From first production in 2026 through to 2030 Rosebank could account for ~8% of the UK’s oil production. Rosebank, which will be tied to the UK gas infrastructure, is projected to produce an average of 21 MMSCF of natural gas every day, equivalent to the daily average use of Aberdeen city'.

See related article: Equinor's Rosebank projected to provide GBP 6.3 billion of investment to the UK (Aug 7 2022)

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Source: Aberdeen and Grampian Chamber of Commerce / energy-pedia

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