Rosebank oil field given green light

[pellinore]

Norwegian firm Equinor says $3.8billion (£3.1 billion) will be invested in the Rosebank development, which it says will bring 'significant benefits' to Scotland and the UK as a whole. 

Geir Tungesvik, executive vice president in projects, drilling and procurement, said:  'Developing the Rosebank field will allow us to grow our position as a broad energy partner to the UK, while optimising our oil and gas portfolio, and increasing energy supply in Europe.'

The NSTA, which oversees oil and gas production in the North Sea ahead of the UK's move towards net zero carbon emissions by 2050, said: 'We have today approved the Rosebank Field Development Plan (FDP) which allows the owners to proceed with their project.

Ministers hail go-ahead for massive Rosebank oil field saying it will protect jobs and stop Putin holding the country to ransom during Net Zero transition - despite fury from Labour, the SNP and green activists at 'environmental vandalism' | Daily Mail Online

Edited September 27 by pellinore

[itsnotoutthere]

[pellinore]

The downsides are: The oil will not stay in Britain, it will be exported and sold on the world market at world market prices.

The taxpayer will be paying £4 billion for the exploration (not directly, but it will be deducted from the windfall tax, so that is a loss to the taxpayer of £4 billion which could have been spent on public services).

It will not reduce our bills by one penny - prices are set in international markets.

It will adversely affect to legal commitment to Net Zero, so will need to be offset by "green" initiatives elsewhere in the economy.

The upsides are: the PM's own family wealth is tied into petrochemicals so his fortune will receive a boost, and so will many Tory business associates.

Many taxpayers will mistakenly believe they will benefit in some way from this, so giving a boost to the Tory Party.