Overview
- The Tony Blair Institute on Thursday released a report urging Energy Secretary Ed Miliband to approve the Rosebank oil field and the Jackdaw gas field to boost domestic supply.
- The report calls for a shift toward electrification and lower power costs, arguing the UK’s approach has fallen out of step with major economies focused on abundant, cheap electricity.
- Rosebank is described as holding about 300 million barrels and potentially supplying around 8% of UK oil this decade, while Jackdaw could displace about 15% of liquefied natural gas imports.
- Ed Miliband has the final decision and the energy department declined to comment on the projects, as Chancellor Rachel Reeves has signaled support for exploration at both sites.
- Energy analysts and campaigners, including the Energy and Climate Intelligence Unit, argue new drilling would not shield households from price spikes, a concern underscored by this week’s reported record for the North Sea’s Forties Blend price.