Equinor warns UK could become 'uninvestable' if Rosebank and Jackdaw are not approved

Equinor has warned that the UK could become less attractive for future investment if the government does not give final approval to the Rosebank and Jackdaw oil and gas fields. Anders Opedal, the chief executive of the Norwegian state-backed company, said the firm would have to take a hard view on its future spending in Britain if the projects were rejected. The warning comes as ministers prepare to decide whether to allow the developments to proceed.

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Opedal said the question for the company was whether the UK would remain investable in the future, adding that he hoped it would not come to that. He said the current uncertainty was an uncomfortable position for the business, while also expressing confidence that the projects would be approved. The government has said any decision will take account of all relevant evidence.

The issue sits against a wider debate over energy security and the future of North Sea production. Rosebank is described as the UK's largest undeveloped oil and gas field and is located in the North Atlantic about 80 miles north-west of the Shetland Islands. It is thought to hold up to 500 million barrels of oil and gas.

Equinor said the exploration licence for the site was first granted in 2001, the discovery was made in 2004 and the final investment decision came in 2023. Jackdaw is the other field at the centre of the government's decision. The warning matters because the UK is already forecast to see domestic production halve by 2035, while it relies on Norway for about half of its gas needs.

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That makes the balance between energy security, investment and climate policy especially sensitive. The government is also facing pressure because its election manifesto pledged a ban on new oil and gas fields, yet it is now weighing whether to approve these projects anyway. Equinor's comments underline the commercial stakes for one of the country's most closely watched energy decisions.

The two fields were initially given the go-ahead by the previous Conservative government, but the process was delayed after a Scottish court ruling following a challenge from environmental groups. Equinor has argued that the UK could produce more of its own oil and gas and said the North Sea geology is shared across the border with Norway. The company also pointed to Norway's continued issuing of new licences in its own waters as evidence of a different policy approach.

The row therefore goes beyond a single project and touches on how Britain intends to manage its remaining offshore resources. What remains unclear is whether ministers will approve both projects, reject them, or impose conditions that could affect their economics. The government has not yet announced its final decision, and the timing of any statement remains uncertain.

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