Equinor warns UK investment appeal at risk over North Sea projects

Equinor CEO Anders Opedal has warned that the UK government's decision regarding the Rosebank and Jackdaw oil and gas projects could impact the country's attractiveness for future investments. Speaking at the Energy Intelligence Forum in London, Opedal noted that rejecting these projects would be a setback for the Adura joint venture, operated by Equinor and Shell.

The Rosebank field, located northwest of the Shetland Islands, is the UK's largest undeveloped oil and gas field, while the Jackdaw field is situated east of Aberdeen. Both projects faced delays following legal challenges from environmental groups like Greenpeace and Uplift, which successfully argued that downstream emissions were not sufficiently considered in original approvals. Consequently, the companies must submit new applications in 2025.

While the previous Conservative government approved the projects, the current Labour government faces a political choice. Although Labour previously pledged to stop issuing new licenses, they have signaled a more pragmatic approach toward existing projects. A decision on Jackdaw is expected soon, with production potentially starting this winter if approved, whereas Rosebank could see first oil in the first half of 2027.