Green Energy Tycoon Reverses Stance on North Sea Drilling
Dale Vince now advocates for Rosebank and Jackdaw projects, citing potential economic benefits and job creation amid Labour's decision-making process.
Image: Eddie Pollard / AI
Callum Smith
Dale Vince, a prominent green energy tycoon and Labour donor, has reversed his position on North Sea drilling.
Rosebank, the UK's largest remaining untapped oil field, sits approximately 80 miles west of Shetland.
The Conservative administration initially approved both Rosebank and Jackdaw, but a subsequent court ruling withdrew that consent.
Adura, the company behind both projects, asserts they would generate £10.8 billion in investment; over three-quarters of that sum reportedly spent within the UK.
These projects could support 3,500 jobs during peak construction, with 880 individuals employed over the entire production lifetime.
Vince claims domestic extraction makes sense for the country, saving money and creating UK jobs throughout the energy transition.
He further claims that approving new North Sea oil and gas drilling can 'save money for the country'.
Vince suggests 'a way that we can make sense of this North Sea puzzle' by implementing 'price control' on wholesale energy.
He claims that if wholesale energy is price-controlled across the board, it could pave the way to make sense of new drilling at Rosebank and Jackdaw.
Vince also claims that if Rosebank and Jackdaw proceed, they will actually save money for the country.
He states that price control of existing North Sea operations could save £10 billion annually, with a portion of that saving directed into a fund for the next decade.
The Prime Minister has suggested that faster extraction of North Sea oil and gas could help fund Britain’s transition to clean energy.
A public consultation on Rosebank concluded on Monday; a similar exercise for the Jackdaw gas field finished on August 10.
Lilian Greenwood stated that a decision on the projects rests with the energy secretary, denying any deliberate delay in the process.
Labour's ban on new North Sea oil and gas licences was reportedly imposed by Ed Miliband during his tenure as energy secretary.
Environmentalists claim that Rosebank alone could generate emissions equivalent to 70 per cent of annual UK totals.