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Home › Dodgy Deals ›
Dodgy Deal
North Sea oil and gas projects- international -

Project – On record

This profile is no longer actively maintained, with the information now possibly out of date
Profile by:
BankTrack
Contact:

N

Last update: 2022-10-18 00:00:00
North Sea oil rigs near the coast of Scotland. Photo: joiseyshowaa via Flickr (CC BY SA 2.0)

Project – On record

This profile is no longer actively maintained, with the information now possibly out of date
Profile by:
BankTrack
Contact:

N

Last update: 2022-10-18 00:00:00
Why this profile?

Why this profile?

No project expanding the fossil fuel industry is compatible with the Paris Climate Agreement. The emissions from new North Sea projects would contribute to catastrophic climate change, especially with the proposed development of huge fields such as Rosebank, which would create emissions equivalent to more than the combined emissions of the world's low-income countries.

The Russian invasion of Ukraine has been used as justification by European governments, fossil fuel companies & their financiers to move forward with fossil expansion. However, the oil and gas extracted from these fields - a large percentage of which will be exported - will do nothing to improve our current energy security, and will lock us into fossil fuels for years to come.

What must happen

Banks should rule out direct financing for these projects. Bank financiers should engage with the companies involved and urge them to terminate the project, halt its expansion of all fossil fuel extraction and ultimately phase out production in line with the Paris Agreement’s 1.5C goal. In the absence of this, banks should sever ties with the relevant company.
About
Sectors Oil and Gas Extraction
Location
Status
Planning
Design
Agreement
Construction
Operation
Closure
Decommission

The North Sea has seen a recent increase in oil and gas expansion. Especially since Russia's 2022 invasion of Ukraine, governments of countries such as the United Kingdom and the Netherlands have increased their approval of new oil and gas fields in the region. In the United Kingdom, fossil fuel lobbyists have identified USD 30 billion of potential North Sea investments. 

Below, you can find links to individual North Sea oil and gas fields that are at various stages of approval and production:

Dodgy Deals:

Jackdaw gas field

The Jackdaw gas field is located in the North Sea, 275 kilometres east of Aberdeen, Scotland. The area is estimated to contain approximately 58 million barrels of oil equivalent (according to Uplift, using Rystad Energy data). Once developed by Shell, the gas field will incorporate four production wells and a 31-kilometre pipeline that leads to Shell's offshore Shearwater platform.

Cambo oil field

The Cambo oil field is located 125 kilometers north-west of the Shetland Islands in the United Kingdom. It spans offshore blocks covered by two licences granted in 2001 and 2004 respectively. Siccar Point Energy acquired a 100% interest in the field in January 2017, before subsequently selling a 30% non-operated interest to Shell UK in May 2018.

Rosebank oil & gas field

The Rosebank oil and gas field is located in the North Sea, 130 kilometres off the coast of the Shetland Islands. It contains an estimated 500 million barrels of oil equivalent (according to Rystad Energy data). The field would be developed by Equinor, which holds a 40% stake. Other owners are Suncor Energy (40%) and Ithaca Energy (20%).

Impacts

Impact on human rights and communities

Multiple human rights will be violated by North Sea expansion. Fossil fuel expansion projects contribute to pushing the global temperature rise beyond 1.5C. As such, the human rights to life, water and sanitation, health, food, a healthy environment, an adequate standard of living, housing, property, culture, self-determination and development will be taken from countless individuals. Climate change caused by the fossil fuel industry particularly threatens the rights of women, indigenous communities and all communities on the frontlines of fossil fuel extraction. In 2021, the International Energy Agency stated there is “no need for investment in new fossil fuel supply in our net zero pathway”.


Impact on climate

Climate-related catastrophes will be exacerbated by new North Sea projects. Fossil fuel expansion is incompatible with limiting the global temperature rise to 1.5C, which is essential to mitigate climate change. 

Financiers

See individual Dodgy Deals in the "About" section for more information on financiers.

Institution type
Finance type
Year
Companies

Equinor

Norway
Profile
Website

Petrofac

United Kingdom
Website

Shell

United Kingdom
Profile
Website

Siccar Point Energy

United Kingdom
Website

Suncor

Canada
Website
No companies
News
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

UK banks urged to end finance to company behind Rosebank oil field development

BankTrack mentioned
2024-03-20 | The Independent
BankTrack news BankTrack blog Partner news Partner blog

Reports: Oil and gas majors continue to slow energy transition and undermine Paris Agreement

BankTrack mentioned
2024-03-20 | edie
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks financing company behind controversial Rosebank oil field despite climate pledges

HSBC, Lloyds, NatWest and BNP Paribas are financing major North Sea oil expander Ithaca Energy, despite pledges to stop propping up new fossil fuel projects
2024-03-20 | London | BankTrack, #StopRosebank
BankTrack news BankTrack blog Partner news Partner blog

Rosebank: UK’s biggest oil and gas field faces fresh delay amid regulator concerns over net zero goals

2023-07-11 | CityAM
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks committed to net zero still funding North Sea oil expansion by Equinor

Over 60 organisations have written to Equinor's biggest bankers warning them not to fund the company's controversial Rosebank oil field due to climate risks.
2023-07-04 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Truss’s Chief of Staff Lobbied for Company Powering ‘Green’ North Sea Oil Rigs

2022-10-12 | DeSmog
BankTrack news BankTrack blog Partner news Partner blog

Hooked on Hydrocarbons: North Sea expansion

2022-10-06 | Global Energy Monitor
BankTrack news BankTrack blog Partner news Partner blog

'Climate denial at its worst': Tories told to halt North Sea oil and gas expansion

THE SNP’S Net Zero Secretary has suggested the UK Government should reverse plans to expand North Sea oil and gas extraction amid claims levelled against the Tories of “climate denial at its worst”.
2022-10-05 | The Herald
BankTrack news BankTrack blog Partner news Partner blog

Dutch firm and partners to spend over €500 mln to develop North Sea gas field

2022-09-27 | Offshore Energy
Blog
BankTrack news BankTrack blog Partner news Partner blog

Climate groups call on Shell’s bankers to stop Jackdaw gas field

UK government’s regulatory approval opens the door for Shell to move ahead with the Jackdaw field
2022-06-03 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Meet the banks funding the owners of the Cambo oil field

New research shines a spotlight on the banks backing Shell and Siccar Point Energy
2021-10-29 | #StopCambo
Blog
BankTrack news BankTrack blog Partner news Partner blog

North Sea oil field development shows banks’ hypocrisy over climate

ClientEarth sends letter to 17 banks urging them to stop financing Shell and Siccar Point Energy, the companies pushing for the Cambo oil field
2021-09-14 | ClientEarth
Resources
Documents
Links
2024-03-19 00:00:00

Open letter signed by 81 CSOs to financiers Ithaca Energy about Rosebank oil and gas field

NGO document
2024-03-19 00:00:00 | BankTrack, Stop Rosebank
2021-09-16 00:00:00

Watershed - The turning point for North Sea oil and the just transition

NGO document
2021-09-16 00:00:00 | Friends of the Earth Scotland, Oil Change International

Jackdaw gas field - Dodgy Deal profile

Cambo oil field - Dodgy Deal profile

North Sea offshore oil and gas activity (© North Sea Transition Authority)

Rosebank oil and gas field: Dodgy Deal profile

Hooked on Hydrocarbons

North Sea expansion at odds with UK climate commitments (Global Energy Monitor report)

North Sea expansion incompatible with climate goals

New oil & gas development in the North Sea could produce up to 984 megatonnes of CO2 equivalent.

32nd North Sea round companies list

Who owns the North Sea?

An interactive database showing who owns oil and gas licenses in the North Sea.

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