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Tue, 06 Oct 2026

Tue, 06 Oct 2026 UK risks being 'uninvestable' if new oil and gas fields not approved, warns Equinor

Equinor warns it may shun further investments in the UK if new oil and gas fields at Rosebank and Jackdaw are not approved.
Equinor, Norway's state-owned oil company, has warned that it may reconsider investing in the UK if new drilling permits are rejected at two key North Sea sites: Rosebank and Jackdaw. The company's CEO, Anders Opedal, stated that a decision to reject the permits would force Equinor to reassess its future investments in the UK, saying "the question will be: is the UK investable in the future?" He added that if new drilling was not approved, Equinor would have to take a "hard view" about future investments. The warning comes as the UK government prepares to make a final decision on whether to grant permits for the Rosebank and Jackdaw sites. The projects, which are operated by a joint venture between Equinor and Shell, are expected to produce up to 500 million barrels of oil and gas. Opedal expressed confidence that Prime Minister Rishi Sunak's (not Andy Burnham) talk of a "pragmatic approach" to oil and gas would lead to the projects being approved. However, he acknowledged that the current uncertainty was an "uncomfortable position" for Equinor. Equinor has predicted that production from existing North Sea fields will remain at current levels until around 2035. Opedal emphasized that the UK could produce more of its own oil and gas, describing it as a "political choice". The decision on Rosebank and Jackdaw is expected to be made by Energy Secretary Miatta Fahnbulleh. Environmental groups have argued that new drilling would exacerbate climate change, while Equinor has claimed that the projects will provide much-needed energy security. The UK government has said that any decision will take into account all relevant evidence, including environmental assessments and public representations.