Equinor will continue with the Rosebank oil and Gas Project in Britain

The UK manager of Equinor, the Norwegian oil and natural gas producer, said Wednesday at a conference on energy in New Delhi that the company will continue to develop its Rosebank oil field.

Equinor, along with its partner Ithaca Energy, wants to develop the Rosebank Oil and Gas Field. However the plans to develop one of Britain's final major oil reservoirs have been a lightning-rod for climate activists who are calling for an end to fossil fuel production.

Alex Grant said at the India Energy Week Conference: "We will have to apply for all permits and make sure that we can legally develop the area." "But we'll push forward with this."

The British Prime Minister Keir starmer said that while his government would not be issuing new exploration licenses, it would not revoke any existing ones.

Grant stated, "We're confident that we'll be able to get it into first production."

Equinor also wants to supply more Liquified Natural Gas to India through long-term contracts.

"The strategy for increasing our volume in Asia Pacific is very strong ...(We (are) actively engaged with quite a number of players for long-term supplies to India," stated Desikan Sundararajan. Equinor’s managing director for India.

India, the world's fourth largest LNG importer, aims to increase the proportion of gas in its energy mix from 6.2% to 15% by 2030.

Equinor signed a 15 year LNG deal last year with India's Deepak Fertilisers. The Norwegian company will supply Asia and India with LNG from its own fields as well as market purchases.

Sundararajan stated that Equinor and India have also discussed the possibility of participating in India's Strategic Petroleum Reserves.

Last year, ONGC Videsh (the overseas investment arm) of India's leading explorer signed a deal worth $60 million with Equinor in order to increase its stake in offshore Azeri Gunashil oil fields in the Caspian Sea and the pipeline that connects them. Sethuraman, N. R.; Mayank Bhardwaj and Kirovan edited the article.

(source: Reuters)