Offshore Energies UK say that the developing new gas fields in the North Sea could provide £28.7 billion to the economy and will create at least 3500 jobs including 125 apprenticeships.
OEUK says that the Rosebank and Jackdaw projects will have a combined lifespan of 36 years, in which they will use extraction methods to reduce carbon emissions by half.
Chief Executive, David Whitehouse said: “A positive decision on Rosebank and Jackdaw will play a part in restoring investor confidence, demonstrating that the revised regulatory regime is functioning effectively.
“We need a regulatory framework that enables projects to move forward.”
The developments if approved, are also expected to provide long-term work for ports, manufacturers, engineering firms, vessels operators and energy businesses across the UK.
Both gas fields will make a material contribution to UK energy security, providing 10% of UK domestic natural gas production and UK oil output at peak production.
Since the Jackdaw and Rosebank gas field projects were given approval in 2022 and 2023, the cost has been forecast to total £10.8 billion and £3 billion has already been spent on preparations for both projects.
Independent forecasting sates the UK will still be using the equivalent of 15 billion barrels of oil and gas in 2050.
Mr Whitehouse said: “UK production meets only 39% of UK gas demand according to latest figures, and without new investment, the UK’s reliance on imported gas will continue to increase.
“This matters because UK gas demand is expected to remain broadly unchanged over the next decade, according to forecasts from the National Energy System Operator (NESO).”
Environmentalists and many politicians oppose the development of both fields, saying they are unnecessary and will add to climate change.
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