Rosebank oil field receives UK support

A controversial decision: UK grants permission for Rosebank oilfield development
champ pétrolier Rosebank

Partagez:

The Rosebank oil field recently received development authorization from the UK. This decision comes a week after the country revised some of its climate commitments downwards. This oil field will be jointly operated by Ithaca Energy. It is a Delek subsidiary based in Israel.

Environmental criticism

However, environmentalists have strongly criticized this decision. Greenpeace describes the decision as “morally obscene”. He also accuses conservative Prime Minister Rishi Sunak of favoring oil company profits. Green MP Caroline Lucas warns that this decision could jeopardize the UK’s position as a world leader in the energy transition.

The Scottish government has also expressed its concerns. He points out that most of the resources extracted from the Rosebank oilfield could be exported. This means that Scotland would benefit little from this exploitation. Scotland’s First Minister, Humza Yousaf, is calling for a transition to renewable energies rather than relying on unlimited oil and gas extraction.

The challenges of carbon neutrality

This decision comes at a time when the UK is facing major challenges in meeting its carbon neutrality targets. The country has granted numerous permits for oil and gas exploration, raising concerns about its ability to meet its climate commitments. What’s more, the offshore wind energy sector is experiencing problems, and the crisis in Ukraine is rekindling concerns about energy security.

UN appeal

The UN, through its spokesman Stéphane Dujarric, is calling for climate ambitions to be accelerated rather than rolled back. He stresses that the world cannot afford to exploit all the oil and gas already discovered.

Why does it matter?

This decision has global financial and energy implications. Political and economic choices influence energy markets, investments and jobs. It highlights the challenges of the energy transition while exploiting oil and gas resources. Ultimately, this case highlights the tension between the need to guarantee energy security and the imperative to combat climate change, a crucial issue on a national and global scale.

British company Prax Group has filed for insolvency, putting hundreds of jobs at its Lindsey oil site at risk, according to Sky News.
Orlen announces the definitive halt of its Russian oil purchases for the Czech Republic, marking the end of deliveries by Rosneft following the contract expiry, amid evolving logistics and diversification of regional supply sources.
Equinor and Shell launch Adura, a new joint venture consolidating their main offshore assets in the United Kingdom, aiming to secure energy supply with an expected production of over 140,000 barrels of oil equivalent per day.
Equinor announces a new oil discovery estimated at between 9 and 15 mn barrels at the Johan Castberg field in the Barents Sea, strengthening the reserve potential in Norway's northern region.
Sierra Leone relaunches an ambitious offshore exploration campaign, using a 3D seismic survey to evaluate up to 60 potential oil blocks before opening a new licensing round as early as next October.
Faced with recurrent shortages, Zambia is reorganising its fuel supply chain, notably issuing licences for operating new tanker trucks and service stations to enhance national energy security and reduce external dependence.
The closure of the Grangemouth refinery has triggered a record increase in UK oil inventories, highlighting growing dependence on imports and an expanding deficit in domestic refining capacity.
Mexco Energy Corporation reports an annual net profit of $1.71mn, up 27%, driven by increased hydrocarbon production despite persistently weak natural gas prices in the Permian Basin.
S&P Global Ratings lowers Ecopetrol's global rating to BB following Colombia's sovereign downgrade, while Moody’s Investors Service confirms the group's Ba1 rating with a stable outlook.
Shell group publicly clarifies it is neither considering discussions nor approaches for a potential takeover of its British rival BP, putting an end to recent media speculation about a possible merger between the two oil giants.
The anticipated increase in the tax deduction rate may encourage independent refineries in Shandong to restart fuel oil imports, compensating for limited crude oil import quotas.
Petro-Victory Energy Corp. starts drilling of the AND-5 well in the Potiguar Basin, Brazil, as the first phase of an operation financed through its strategic partnership with Azevedo & Travassos Energia.
The Texan Port of Corpus Christi has completed major widening and deepening work designed to accommodate more supertankers, thus strengthening its strategic position in the US market for crude oil and liquefied natural gas exports.
BP Prudhoe Bay Royalty Trust is offering its interest in Prudhoe Bay, North America’s largest oil field, as part of its planned dissolution, assisted by RedOaks Energy Advisors for this strategic asset transaction.
CNOOC Limited’s Hong Kong subsidiary and KazMunayGas have concluded a nine-year exploration and production contract covering nine hundred and fifty-eight square kilometres in Kazakhstan, sharing investment and operations equally.
Donald Trump announced that the United States will no longer oppose Chinese purchases of Iranian oil, immediately triggering a drop in global crude oil prices and profoundly reshaping international energy trade partnerships.
Research firm S&P Global Commodity Insights lifts its outlook for the fourth straight year, betting on three point five mn barrels per day from 2025 despite lower prices.
Enbridge plans to expand its infrastructure to increase oil transportation from the American Midwest to the Gulf Coast, anticipating rising exports and addressing current market logistical constraints.
US commercial crude inventories significantly decline by 3.1 million barrels, widely surpassing initial forecasts and immediately pushing international oil prices higher.
The UK could have hydrocarbon reserves twice as large as current official estimates, according to Offshore Energies UK, highlighting the impact of fiscal policies on forecasts and the economic future of the North Sea.