So, Rosebank is to go ahead, or so we think. The North Sea Transition Authority has granted a licence for the extraction of oil and gas from the field, which lies to the west of the Shetlands. For its part, Labour has said that while it opposes the project, it will not withdraw the licences should it win power next year.
Despite the best efforts of Mark Carney and others, someone evidently thinks it is worth investing £3.1 billion in new oil and gas production. That is the sum that the developers, Equinor and Ithaca Energy, say they will invest in the first phase of the scheme. Eventually, more than £8 billion is expected to be invested.
But this isn’t, one suspects, the last word on the subject. Over the next few months, we will find out whether it is still possible to issue licences for new oil and gas extraction when you have legally committed yourself to achieve net zero carbon emissions by 2050.
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