The UK Government has been urged to approve the Rosebank oil field amid warnings that Britain faces a serious diesel shortage this winter.
Nick Butler, a former BP executive and energy economist, said the development could “supply crude to British and European refineries when diesel from across the Atlantic can no longer be relied on”.
A new report commissioned by Rosebank developer Adura claims approving the field and other major North Sea oil projects could boost the UK economy by £10.8billion over the next decade and support an additional 3,300 jobs annually.
The research, conducted by Public First, also found that approving Rosebank and the Jackdaw gas field alone could generate £4.1billion in tax revenues over ten years.
Butler warned there was “every chance of a serious supply shortage” of diesel this winter, potentially extending into 2027, adding that “when supplies run short, even close allies will put their own needs first”.
Both Rosebank and Jackdaw are awaiting fresh government consent after their original approvals were overturned by a court last year.
The full Public First report will be released later this morning.