Legal challenge to Rosebank oil and Jackdaw gas fields begins

Published On Nov 11, 2024, 6:02 PM

The article reports on a legal challenge brought by Greenpeace and Uplift against the UK government regarding the approval of the Rosebank oil field, which is potentially the largest untapped oil field in the UK. The environmental groups argue that the approvals ignored the environmental impact of greenhouse gas emissions, specifically the Scope 3 emissions from burning the extracted oil and gas. If the judicial review is successful, it could halt the project's progression until a new environmental impact assessment is conducted. The UK government has accepted that the original approvals were unlawful, and whilst the oil companies involved are moving forward with the projects, the fate of further operations hinges on the court's decision.

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Stock Forecasts

SHELView SHEL chart on TradingView

Negative

Given the ongoing legal challenges and potential delays in the approval process for Rosebank and Jackdaw, investor sentiment towards companies involved in these projects may become cautious. The judicial review could lead to increased regulatory scrutiny and operational hurdles for oil companies, impacting their stock performance negatively in the short term.

EQNRView EQNR chart on TradingView

Negative

As these legal disputes unfold over the Rosebank and Jackdaw developments, firms like Equinor and Ithaca Energy facing scrutiny may see investor confidence shaken. Despite their assertions of job creation and energy security, uncertainties could lead to a negative outlook on their stocks until clarity on project approvals emerges.

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