Equinor chief warns UK may lose future oil investment without drilling approvals

Anders Opedal, chief executive of Norway's state-owned Equinor, said that the firm may look beyond the United Kingdom for new projects if the government refuses to grant final approval for the Jackdaw gas field and the Rosebank oil field in the North Sea. He framed the pending decision as a political choice, noting that the region’s geology is shared across the UK-Norway border and that licences were first awarded in 2001, with discoveries made in 2004 and a final investment decision reached in 2023.

Labour’s election platform includes a ban on new North Sea drilling, yet Prime Minister Andy Burnham has pledged a pragmatic stance as the country balances energy needs with climate goals. A coalition of 575 climate scientists and health experts has appealed to Burnham and Energy Secretary Miatta Fahnbulleh to reject the licences, arguing they would breach national and international climate targets. The Department for Energy Security and Net Zero said it will consider all evidence, including environmental assessments, before deciding. The outcome will test the UK’s commitment to its climate agenda while influencing future investment in its energy sector.