September Thematic Report: The Power of the Rosebank Oil Fieldby Arjun Nair | 29-09-2023 08:42 |
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 Rishi Sunak, as of late, has endorsed the significance of the new Scottish oil field, Rosebank, for enhancing energy security and reducing reliance on foreign sources. Scotland's Minister Humza Yousaf criticized the decision to give consent for the development of Rosebank, however. Sunak defended the move showing the importance of Scotland's North Sea industry for energy security. Rosebank is estimated to hold a reserve of up to 300 million barrels of oil. A big stake owner in the company, Equinor, confirmed that oil and gas extracted would be sold at market prices. However, critics argued that the project might not actually reduce energy costs in the UK. Another debate blew up over the approving of new oil and gas licenses, which in fact contradict any former climate commitments made. The North Sea Transition Authority defended this approval though as they showed their consideration of net-zero targets. It is known that such decisions can face legal action, putting the UK's net zero idea at risk. This resulted in a UK-wide climate summit with environmental ministers coming from Scotland and Wales to help sort out this issue. But in the midst of all of this, Rishi Sunak has maintained his firm stance on the Rosebank oil field for the UK's energy security issue, despite criticism from Scotland. In my opinion, I believe that the UK is making the right decision. Going into an untapped field would make sense considering the significant drop in oil prices in the UK. This could possibly help the UK reach global market prices. Read more here: https://www.bbc.com/news/uk-scotland-scotland-politics-66952623
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