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Home › Dodgy Deals ›
Target Dodgy Deal
RosebankUnited Kingdom

Project – Target

This profile is a priority campaign target
Lead organisation:
BankTrack
Contact:

Natasha Ion Climate campaigner

Last update: 2022-09-22 00:00:00
Photo: FPSO in the North Sea

Project – Target

This profile is a priority campaign target
Lead organisation:
BankTrack
Contact:

Natasha Ion Climate campaigner

Last update: 2022-09-22 00:00:00
Why this profile?

Why this profile?

No project expanding the fossil fuel industry is compatible with the Paris Climate Agreement. Rosebank is the largest undeveloped oil and gas field in the North Sea, with emissions that would be higher than those of all the low-income countries in the world combined. 

Also, a proposed pipeline through Rosebank would cross a marine protected area, damaging the fragile ecosystem in this area of the North Sea.

What must happen

Banks should rule out direct financing for the Rosebank project. Banks financing Equinor should engage with the company and urge it to terminate this project, halt fossil fuel expansion and ultimately phase out production in line with the Paris Agreement’s 1.5C goal. Banks should sever ties with Equinor if it fails to make rapid progress towards this goal.

About
Take Action!
#StopRosebank
Sectors Oil and Gas Extraction
Location
Status
Planning
Design
Agreement
Construction
Operation
Closure
Decommission

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%).

Equinor has submitted an environmental report to the UK government, and a decision on approval could come by the end of October.

Impacts

Impact on human rights and communities

Rosebank will contribute to multiple human rights violations as a result of climate change. Rosebank is the largest undeveloped oil and gas field in the North Sea, and like all fossil fuel expansion projects it will contribute to driving global heating. 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 violated for  countless individuals. As the 2021 landmark  court ruling against Shell confirmed, fossil fuel companies are a major cause of catastrophic climate change that puts people’s lives at risk and thereby violate basic human rights. 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. 

Oil and gas production in the North Sea has been billed as the solution to the current energy crisis and war in Ukraine. However, fossil fuel expansion in the North Sea will not provide energy security or affordable prices for UK citizens. Not only is the majority of North Sea oil & gas exported, but new fields will take years to be developed, and lock the UK into? fossil fuel insecurity.


Impact on climate

Climate-related catastrophes will be exacerbated by Rosebank, because it represents an expansion of the fossil fuel industry. In 2021, the International Energy Agency stated there is “no need for investment in new fossil fuel supply in our net zero pathway”. Developing a massive new field like Rosebank is therefore  clearly incompatible with limiting the global temperature rise to 1.5C. Rosebank is the largest undeveloped oil and gas field in the North Sea, estimated to contain approximately 500 million barrels of oil equivalent according to Rystad Energy data. Its emissions would be more than the combined emissions of all low income countries in the world. 

Financiers

Equinor may seek to finance development of the Rosebank oil and gas field through project finance lending or from its own capital. Between 2016 and 2021, 16 commercial banks financed Equinor through lending and bonds issuance underwriting totalling US$16.22 billion.

In May 2021 Equinor signed a USD 6 billion revolving credit facility, financed by 19 commercial banks, maturing in May 2024.

RBC (0.8%) and DNB (0.6%) hold shares in Equinor via their asset management subsidiaries.

See the Equinor dodgy deal for more details of bank finance for the company.

Companies

Project sponsor

Equinor

Norway
Profile
Website
No companies

Other companies

Suncor

Canada
Website
No companies

Ithaca Energy

Governance
Norms & standards
Other regulations

Applicable norms and standards

Equator Principles
Net-Zero Banking Alliance (NZBA)
OECD Guidelines for Multinational Enterprises
Principles for Responsible Banking (PRB)
The Paris Agreement
UN Guiding Principles on Business and Human Rights

North Sea Transition Deal

Climate Change Committee Sixth Carbon Budget

UK Climate Change Act 

News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Time for Barclays to move Beyond Burning

How Barclays finances the burning of fossil fuels, biomass and nature
2022-11-14 | Natasha Ion – BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Britain faces £100m loss over drilling at biggest new oil field, says research

Norwegian firm wants to develop Rosebank field in North Sea but Sunak’s tax break for fossil fuel producers could cost UK dear
2022-11-01 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Nicola Sturgeon told to 'provide leadership' and oppose Rosebank oil field

NICOLA Sturgeon has been told to vehemently show her opposition to new fossil fuels development by coming out against a planned North Sea oil development three times bigger than the controversial Cambo plans.
2022-09-26 | The Herald
BankTrack news BankTrack blog Partner news Partner blog

Campaigners Are Trying to Stop a Massive New North Sea Oil Field

Climate campaigners have pledged to stop the “catastrophic” development of a massive new oil field in the North Sea.
2022-09-20 | Novara Media
BankTrack news BankTrack blog Partner news Partner blog

OEUK backs Equinor’s plans to develop £4.5bn Rosebank oil and gas field

Industry body Offshore Energies UK (OEUK) has given its backing Equinor’s plans to develop a major oil and gas field on the UK’s continental shelf.
2022-08-08 | CityA.M.
Resources
Links

Campaigners Are Trying to Stop a Massive New North Sea Oil Field

Stop Rosebank campaign website

Stop Rosebank petition

What is the Rosebank oil field?

Rosebank WON’T lower bills or make our energy more secure. But it WILL produce pollution equal to the world’s 28 lowest-income countries.

Updates

2022

2022-08-04 00:00:00 | Application for Rosebank approval

Equinor has submitted an application to the UK government for the approval of the Rosebank oil and gas field.

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