Worldwide oil consumption is close to 100 million barrels per day, and rising (apart from a small Covid-related slowdown). Rosebank is the proverbial drop in the ocean, and would reduce the need for imported oil. Demand has to be met from somewhere for the modern world to function, and Russian supply is off the menu.
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Plans to create an oil field more than twice the size of the controversial Cambo development risk “wrecking” Scotland’s climate and setting net-zero targets back.
Rosebank, located north-west of Shetland, could produce over 70,000 barrels of oil every day at its peak under proposals brought before Westminster by Norwegian state-controlled company Equinor, says STV News.
However The Scottish Greens have branded the blueprints “a climate disaster” and urged the UK government to turn the bid down.
It comes just months after First Minister Nicola Sturgeon publicly condemned the Cambo plans, which were shelved last year.
The Scottish Government does not have the power to block new oil fields being created, but Green MSP Mark Ruskell, the party’s energy and environment spokesman, said the opportunity to state the UK’s credentials as a leader on climate change “must not be squandered”.
“We are already past the point when we should have been moving away from oil and gas, yet Westminster is doubling down on it,” he said.
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Rosebank is the biggest undeveloped oil and gas field in the North Sea, with nearly 500 million barrels – a claim disputed by Equinor which says the recoverable reserves estimate 300 million.
Equinor has said a final investment decision could be made in 2023, with the first oil expected in late 2026.
Full article here.
via Tallbloke’s Talkshop
January 6, 2023 at 03:35AM