To extract oil and gas from a facility like this, a series of wells are drilled into the seabed and then the products extracted to a ship moored to the seabed. This offloads the oil onto big ships called tankers, while the gas is sent down a pipeline.
The drilling and anchoring of the ship, as well as chemicals released, have the potential to disturb the seabed and damage habitats - and potentially kill animals living there such as soft corals and sea spiders.
There is also a lot of noise produced underwater when oil is extracted. This is important because many species in the marine environment use sound to communicate.
What Rosebank produces will be sold at world market prices, so the project will not cut energy prices for UK consumers, the Norwegian state oil company Equinor - which is the majority owner of Rosebank - confirmed.
it will raise billions of pounds
For who?
£10.6 billion to the UK government in North Sea revenue for 22/23 v. £2.6 billion for 21/22.
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Equinor (Rosebank majority owner) revenues for 22: $75 billion
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Ithaca (Rosebank minority owner) revenues for 22: $1.9 billion
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BP (formerly state-owned; majority privatisation under Thatcher, from 1979) revenues for 22: $241 billion, for record profit of $28 billion (£23 billion)
I was referring to the £1b Sunak’s family got for this deal.
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Well we’re already in the hole for 3.75 billion in tax breaks just to sweeten the deal…
none of this oil will be sold in the UK, its only for export. We buy electricity on the global market, so it wont lower bills.
It will make somebody some serious money, and create a load of jobs which is awesome. But its the same rationale as fracking, where the oil is similarly finite, so we totally screw our natural resources in the short term while we extract a fuel which is very high energy. Instead we could do an entire range of tidal or wind energy projects to create the jobs, but why do that when we can leverage our short lifespans to justify making a quicker buck and sticking it offshore in a bank account and trust fund nobody can touch. A design for life
What Rosebank produces will be sold at world market prices, so the project will not cut energy prices for UK consumers,
Well, it will a little bit, in the sense that any input to the global market does.
Tax revenue generated for the UK is probably more relevant, though.
