Rosebank oil field given go-ahead by regulator

The Rosebank offshore development off Shetland has been granted consent by regulators.

Today’s announcement is a welcome boost for the UK energy sector which will give investors, operators and the wider supply chain confidence.

Located 80 miles of west of Shetland, Rosebank is the UK’s largest untapped oil field and is estimated to contain 500 million barrels of oil.

Development and production approval has been given to owners Equinor and Ithaca Energy, following reassurances over environmental concerns.

Russell Borthwick, chief executive of Aberdeen and Grampian Chamber of Commerce, said: “Rosebank will make an important contribution to UK and European energy security, create several hundred new jobs in Scotland and result in over £6bn being spent within the UK supply chain”.