Despite warnings from climate scientists and experts, the UK government is hell-bent on extracting more oil and gas. The controversial Rosebank oil field – the biggest undeveloped field in the UK – could be approved any day now and would have significant impacts on the climate, oceans and energy security.
Equinor, an oil giant which is majority-owned by the Norwegian government, will own 80% of Rosebank after their acquisition of Canadian oil giant Suncor Energy, which has held a 40% stake. The last 20% is owned by Israeli firm Ithaca Energy.
Equinor will pass 91% of the cost of developing the Rosebank oil field to the UK public, while they take the profits. The UK public would hand over £3.75 billion in tax breaks to Rosebank’s owners. In February 2023, Equinor reported record profits of $75 billion.
Rosebank won’t do anything to lower energy bills in the UK, or make our energy supply safer – but will over a billion for oil and gas companies. 90% of the fuel extracted from Rosebank is oil, and will most likely be exported, like 80% of all North Sea oil. The little bit of gas that is extracted is more expensive than new UK renewables for generating electricity.
In November 2022, a petition to stop the field, signed by over 130,000 people, was handed in at 10 Downing Street. Since then, 40 MEPs and 700 scientists and academics sent letters to prime minister Rishi Sunak urging him to stop the field from being approved.
Everything you need to know about the Stop Rosebank campaign, how climate litigation is being used to hold governments to account and ways to get involved