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Home › Dodgy Deals ›
Dodgy Deal
RosebankUnited Kingdom

Project – On record

This profile is no longer actively maintained, with the information now possibly out of date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

climate@banktrack.org

Last update: 2023-09-28 00:00:00
An FPSO vessel used for North Sea oil exploration. Photo: Andrew Curtis via Geograph.org.uk (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This profile is no longer actively maintained, with the information now possibly out of date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:

climate@banktrack.org

Last update: 2023-09-28 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 80% stake. The other owner is Ithaca Energy (20%).

In September 2023, the UK government approved the development of the Rosebank oil field. 

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.

Institution type
Finance type
Year
Companies

The two shareholders of the project are Equinor and Ithaca Energy. 

Project sponsor

Equinor

Norway
Profile
Website
No companies
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
BankTrack news BankTrack blog Partner news Partner blog

Future impact of proposed fossil fuel projects must be assessed, UK court rules

2024-06-20 | The Guardian
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

Environmentalists to take legal action against North Sea oilfield project

2023-12-18 | Financial Times
BankTrack news BankTrack blog Partner news Partner blog

Climate groups begin legal actions against Rosebank North Sea oil project

2023-12-18 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

UK go-ahead for North Sea oil and gas field angers environmental groups

2023-09-27 | The Guardian
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
BankTrack news BankTrack blog Partner news Partner blog

Dozens of banks urged not to finance Rosebank oil and gas field

More than 60 organisations have jointly issued a cautionary message to Equinor's primary banking partners, advising against financing the Rosebank oil field on climate grounds.
BankTrack mentioned
2023-07-10 | edie
BankTrack news BankTrack blog Partner news Partner blog

Banks warned over financing of Rosebank's developer

A decision on the potential approval of the controversial oil field off Shetland is expected imminently
BankTrack mentioned
2023-07-05 | Insider
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
Blog
BankTrack news BankTrack blog Partner news Partner blog

Challenging banks on their Dodgy Deals this AGM season

Our AGM wrap up blog
2023-06-27 | Natasha Ion – BankTrack
BankTrack news BankTrack blog Partner news Partner blog

How close is the Rosebank North Sea oil and gas field to approval?

2023-04-05 | CityAM
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
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
2023-07-04 00:00:00

Letter from BankTrack and 60 civil society groups to 20 bank financiers of Equinor on Equinor's proposed North Sea field Rosebank

Letter to financiers of Equinor on their client's ownership of Rosebank
Correspondence
2023-07-04 00:00:00 | BankTrack and 60 civil society groups
2022-09-23 00:00:00

Rosebank environmental statement

Bank policy
2022-09-23 00:00:00

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

2023

2023-09-27 00:00:00 | The UK Government approves the development of Rosebank

On September 26, the UK oil and gas regulator has approved the Rosebank field development plan, which allows Equinor and Ithaca Energy to proceed with the project. 

2023-07-11 00:00:00 | Approval for Equinor's Rosebank oil field delayed amid concerns over UK's net zero goals

Regulatory approval for Equinor's North Sea oil field Rosebank was expected for early 2023. However, in July it was reported that the UK’s largest undeveloped oil and gas field is highly unlikely to be approved in time for parliamentary recess, amid growing concerns from regulators over electrification and net zero compatibility across the industry. Read more on CityAM.

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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