UK Weighs Scrapping Its Largest Untapped Oilfield With Oil Over $100
Oil Prices Drop Despite Threat of New U.S.
Strikes on Iran Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.
Britain is deciding whether to drill its largest untapped oilfield in the middle of an oil shock, with Brent above 100 and more than 70% of its oil already coming from abroad.
Rosebank, west of Shetland, is an £8.7 billion (~11.6 billion) development that its operator says would pump about 69,000 barrels a day at peak, roughly a tenth of the country’s expected oil output.The production vessel has been on site since June, and Ithaca Energy, which owns a fifth of the field, says it will likely stop investing in Britain if the government says no.
A majorCabinet splithas emerged within Prime Minister Andy Burnham’s government over whether to approve drilling at theRosebank oilfield, with energy security on one side and climate commitments on the other.
Chancellor John Healey wants Rosebank approved for the jobs and the Treasury revenue, and Business Secretary Jonathan Reynolds is backing him.
An unnamed minister told the Mail on Sunday that Burnham will ultimately back the development too.
Unite and GMB, two of Britain’s largest unions, are pushing for approval.
Energy Secretary Miatta Fahnbulleh makes the call, and she isminded to say no.
In 2022 shewrotethat funding new fossil fuels was “irresponsible and shortsighted,” and that the world “can’t have any new oil or gas fields” if it wants to keep warming to 1.5C.
Foreign Secretary Ed Miliband, who blocked new licences when he held her job,is backing her.
Related: Egypt Votes to Defend Saudi Arabia, Risking Houthi Fire Fahnbulleh approved Jackdaw on October 21 and has already explained why Rosebank is different.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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