Following the delay in the decision on whether to approve or not one of the largest undeveloped oil fields in the UK, the North Sea Transition Authority (NSTA) has now given its blessing for the development of the controversial Rosebank field on the UK Continental Shelf (UKCS).
Rosebank, one of the previously delayed energy projects, located West of Shetland, ran into additional obstacles in the summer, as the decision regarding the approval of the project, previously expected in July 2023, was put on hold until parliament recess was over.
Located about 130 kilometers off the coast of the Shetland Islands in the UK, the Rosebank oil and gas field is estimated to contain 300 million bbl of potentially recoverable reserves. Equinor previously confirmed to Offshore Energy that the final investment decision (FID) was slated for 3Q 2023.
It seems that two birds have now been killed with one stone, as the NSTA granted its consent for the development of the Rosebank field on September 27, 2023, while Equinor and its partner, Ithaca Energy, took the final investment decision to progress Phase 1 of the development, investing $3.8 billion in the project.