INDUSTRY body Offshore Energies UK (OEUK) has given its backing to Equinor's plans to develop a major oil and gas field on the UK's continental shelf.

Last week, the Norwegian energy giant submitted its environmental statement for the Rosebank development to the authorities.

This has eased fears Equinor would ditch the £4.5bn project, following the introduction of the Energy Profits

Levy earlier this year.

OEUK has described the project as an "exciting development" that "could set new standards" for reducing greenhouse gas emissions."

Equinor acquired Rosebank in 2019 and has been working with partners Suncor and Ithaca Energy to develop the field, powering operations with electricity - reducing emissions.

It predicts the site, if approved, would create £8.1bn of direct investment, of which £6.3bn could go to UK-based businesses.

Rosebank contains up to 300m barrels of recoverable oil, and is one of the largest untapped discoveries in UK waters. At its peak, the Rosebank field, which lies about 81 miles northwest of Shetland, is predicted to produce 69,000 barrels of oil per day.

This would be roughly equivalent to eight per cent of the UK's entire output between 2026 and 2030.

It would also produce about 44m cubic feet of gas (1.2m cubic metres) per day in its first 10 years - enough to supply a city the size of Coventry.

(c) 2022 City A.M., source Newspaper