UK Cabinet Split Over Rosebank Oilfield Approval as Brent Tops $100

Britain's government is divided over whether to approve the Rosebank oilfield west of Shetland, an £8.7 billion development, as Brent crude trades above $100 and more than 70% of the UK's oil is imported. Energy Secretary Miatta Fahnbulleh is minded to reject the project, citing climate commitments. Chancellor John Healey and Business Secretary Jonathan Reynolds back approval for jobs and Treasury revenue, with unions Unite and GMB also pressing for a green light. Operator Adura, a joint venture of Equinor (NYSE:EQNR) and Shell (NYSE:SHEL) holding an 80% stake, says Rosebank would pump about 69,000 barrels a day at peak, roughly a tenth of expected UK oil output. Ithaca Energy, which owns a fifth, says it will likely halt UK investment if refused. Fahnbulleh approved the Jackdaw gasfield on October 21, calling it domestic-focused versus Rosebank's export orientation. North Sea reserves fell to 2.5 billion barrels of oil equivalent at end-2025, the regulator reported, with no exploration wells drilled last year.