Britain Faces a North Sea Crossroads as Jackdaw and Rosebank Await Approval

The impending decision by the UK government over whether to approve the Jackdaw and Rosebank fields will mark a pivotal moment in the history and future of the North Sea. Almost 11bn of private investment waits in the wings, and the outcome of this decision will be a marker of whether Britain can regain its reputation as a serious place to invest in energy. Approval would send a positive signal, but the issue is far bigger than two projects. Years of policy instability under consecutive governments, restrictions on new drilling and the Energy Profits Levy EPL have made it extremely challenging to make a business case for investment, causing capital to dry up. Accelerating the closure of the UK North Sea does nothing to reduce global emissions.