The boss of Norwegian energy giant Equinor has warned the UK risks becoming “uninvestable” if the Rosebank or Jackdaw projects are blocked.
Anders Opedal said rejecting the two major North Sea developments would be a “major setback” and “contradictory to energy security, to job creation”.
Speaking at the Energy Intelligence Forum in London, he added: “We and others will of course then ask if the UK is investable.”
Rosebank and Jackdaw are being developed by Adura, the joint venture controlled by Equinor and Shell. Both projects were previously approved before those decisions were overturned following legal challenges, prompting fresh applications to be submitted last year.
Much of the infrastructure for Jackdaw, around 150 miles east of Aberdeen, is already in place, while Rosebank could begin producing oil in the first half of 2027.
Russell Borthwick, Chief Executive of Aberdeen & Grampian Chamber of Commerce, said: “When the chief executive of one of the world’s biggest energy companies warns that Britain risks becoming uninvestable, the UK Government should be extremely worried.
“Rosebank and Jackdaw have become a test of whether Britain is genuinely serious about economic growth, energy security and attracting international investment. Approving them should be the easiest decision ministers make all year.
“If the UK Government gets this wrong, it should not be surprised when the investment, the jobs and eventually the companies themselves go elsewhere.”
Mr Borthwick added: “Global energy companies have choices about where they deploy billions of pounds of capital, and Britain is giving them fewer and fewer reasons to choose us. Rejecting Rosebank or Jackdaw would send an extraordinarily damaging message to international investors that even after committing billions, securing approvals and building infrastructure, the UK can still move the goalposts.
“The consequences would stretch far beyond Aberdeen. It would mean fewer jobs, less investment, lower tax revenues and greater reliance on imported energy at a time when energy security has rarely mattered more.
“There is also a staggering contradiction at the heart of this debate. Britain will continue to need oil and gas for decades, yet we are contemplating turning away investment in our own resources while spending billions importing those same products from overseas.”