LABOUR’S changes to the Energy Profits Levy (EPL) will make things more challenging to reduce emissions at Rosebank.
That’s according to Equinor boss Anders Opedal. The energy giant is the operator and majority shareholder of the oilfield, which is set to come on stream in 2026/27.
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Mr Opedal told the Financial Times that the current plan is to press on with electrification, but it is “more challenging now than it was due to changes in the fiscal regime over time”.
He added: “All large energy projects are big and long term investments and predictability and stable fiscal regimes are important.”
Labour’s plans to increase the EPL, as well as extending its life span, are the second change to the fiscal regime this year, after Jeremy Hunt extended the policy in spring.
The new party in power has reaffirmed its commitment to banning new oil and gas, though has said it will not revoke any existing licences, of which Rosebank is one.
The oilfield, which sits about 80 miles off the coast of Shetland, is projected to account for around 8% of UK oil production through 2030, while supporting an estimated 2,000 “full-time equivalent” jobs at its peak.
