Here’s why Rosebank is part of the broader energy picture for Britain

• Oil and gas will be needed to power the global economy for many years to come, including in independent scenarios of what would be needed in a Paris-aligned trajectory. As well as being primary sources of energy, oil and gas will be needed as input to low carbon fuels such as blue hydrogen for hard-to-abate sectors and as feedstocks for non-energy applications such as chemicals. To meet the needs of society, Equinor will continue to produce oil and gas for the foreseeable future.
• For as long as we will need oil and gas in the UK, we will use our operational expertise in emissions management to produce oil and gas with the lowest possible emissions. We are also investing in renewables. Already today, more Equinor employees in the UK work with renewables, CCS and hydrogen than oil and gas, and for every £1 we plan to invest in the UK in oil and gas we aim to spend over £2 in renewables, CCS and hydrogen.

• Equinor has an ambition to be a net-zero company by 2050. Climate is therefore part of our decision-making process.
• As operator, Equinor is actively working with a broad range of stakeholders to ensure that Rosebank is developed in line with the North Sea Transition Deal (NSTD), UK net zero targets and Equinor’s net zero ambitions.
• Approving Rosebank does not increase the UK’s projected emissions. The forecast emissions from Rosebank have already been included in emission projections published by the UK government and are accounted for in the UK’s carbon reduction strategy.
• It’s our ambition for Rosebank to be one of the first fields in the UK to power operations with renewable electricity, reducing emissions by over 70%. The redeployed FPSO will be electrification-ready when arriving at the field. We are working closely with the other West of Shetland operators to develop and select a power solution for the area.

• There are no subsidies for the UK offshore energy industry. Companies can offset the expenses of running their business against their profits. This applies not just to those involved in the exploration and production of oil and gas in UK waters but also shops, sole traders, and many other industries. These costs are known as Allowable Expenses. If business operating and capital costs increase, then profits and the tax due on them will decrease.
• Governments also deploy investment allowances in a range of industries to target investment in key policy areas and this is also not a subsidy, with the investment funded in full by the company.

Oil will be sold and transported by upgraded shuttle tankers to customers’ refineries, supporting Europe’s energy security. Gas will be exported through the West of Shetland Pipeline system. This will ultimately end up in the UK grid, contributing to the UK’s energy security.

• Rosebank is projected to create £8.1 billion of direct investment, of which £6.3 billion is likely to be invested in UK-based businesses. Rosebank is also expected to boost the UK’s wider economy by about £24bn and create 1,200 UK jobs during its development phase. It will continue to support around 450 UK-based jobs during the lifetime of the field.
• The Rosebank project’s aim is to maximise the number of supply contracts with UK-based businesses. Equinor already partners with over 700 suppliers around the UK. Along with our partners we are actively seeking local supply chain contractors for Rosebank to ensure high local content.