Equinor maintains North Sea investment warning despite Jackdaw approval

Equinor says its warning that it may withdraw future investment from the North Sea still stands, despite the UK Government approving production at the Jackdaw gas field. The decision matters because Rosebank, an oil development in which Equinor also has a stake, is still awaiting approval, and the company has linked its view of the UK as an investment destination to both projects.

Jackdaw is expected to supply gas for use in the UK, while Rosebank, off Shetland, would produce oil mainly for export. Both are owned by Adura, a joint venture between Equinor and Shell; Ithaca Energy also holds 20 per cent of Rosebank. Equinor chief executive Anders Opedal has called for predictable investment conditions, while Conservative MP Andrew Bowie urged approval of Rosebank and changes to the energy profits levy; the Scottish Greens oppose both developments.