Equinor Warns UK Could Become 'Uninvestable' Without North Sea Oil Field Approvals

Norwegian oil giant Equinor has warned that the United Kingdom could become "uninvestable" if its government fails to approve two major North Sea energy projects — Rosebank and Jackdaw. Equinor CEO Anders Opedal told the BBC the ongoing uncertainty was "an uncomfortable position to be in", while expressing confidence that Prime Minister Andy Burnham's talk of a "pragmatic approach" signals approval is coming.

What is at stake with Rosebank and Jackdaw

Rosebank is the UK's largest undeveloped oil and gas field, located about 80 miles north-west of the Shetland Islands in the North Atlantic. It is estimated to hold up to 500 million barrels of oil and gas. A licence for the site was originally awarded in 2001, with a discovery made in 2004 and a final investment decision taken in 2023. Jackdaw, also operated by Adura — a joint venture between Equinor and Shell — is described as 99% complete and could start supplying gas to UK homes this winter if approved promptly.

Legal delays and political crosswinds

Both fields were initially approved by the previous Conservative government but were delayed by a Scottish court ruling following a legal challenge from environmental groups, who argued that climate impact assessments were inadequate. A public consultation closed in August, and the final decision now rests with Energy Secretary Miatta Fahnbulleh.

Environmental group Uplift argued that new drilling at Rosebank "won't cut bills" and is overwhelmingly for export, benefiting Equinor and the Norwegian government rather than British consumers. A government spokesperson said North Sea oil and gas will continue to play an important role in the UK energy system alongside a transition to clean power.