Norwegian energy giant Equinor has warned that its future investment in the United Kingdom could be affected if the government blocks new oil and gas projects in the North Sea.
The company’s Chief Executive Officer, Anders Opedal, said Equinor could consider directing future funding to other markets if approval is withheld for the Jackdaw gas field and Rosebank oil project.
According to The Independent, Opedal described the pending decisions as a political matter, noting that the UK’s position on North Sea exploration would influence whether the country remained an attractive destination for energy investment. He also pointed to the long history of Equinor’s operations in the UK sector and the geological links between the British and Norwegian sides of the North Sea.
The warning comes as the government faces pressure from environmental campaigners and climate experts to reject further drilling. A group of 575 scientists, health professionals and conservationists recently urged Prime Minister Andy Burnham and Energy Secretary Miatta Fahnbulleh not to approve new licences, arguing that additional fossil fuel extraction would conflict with the UK’s climate commitments.
Jackdaw, located about 150 miles east of Aberdeen, is reportedly expected to be among the projects considered first, while a decision on Rosebank, located about 80 miles north-west of Shetland, is also pending. The two projects have become a major test of the government’s approach to balancing energy security and investment with its climate objectives.
