BP's decision to put its North Sea business up for sale is adding fresh pressure on the UK government to accelerate approvals for the Jackdaw gas and Rosebank oil developments, according to Splash247. The Aberdeen & Grampian Chamber of Commerce (AGCC) warned that the UK cannot afford further uncertainty in its energy industry after BP's announcement, and called for swift ministerial decisions on both projects.
BP exit raises investor confidence concerns
Splash247 reported that AGCC sent a consultation response to the Offshore Petroleum Regulator for Environment & Decommissioning (OPRED) stating that environmental assessments of both projects must account not only for the impacts of domestic production but also for the environmental and economic consequences of replacing UK energy with higher-emissions imports. The submission comes days after BP announced it is seeking a buyer for its North Sea business. AGCC believes BP's move requires an urgent government response to restore investor confidence in the UK Continental Shelf.
AGCC chief executive Russell Borthwick said in the chamber's response:
BP’s announcement should serve as a wake-up call. It is another stark reminder of what prolonged policy uncertainty means in practice. Investment goes elsewhere, businesses lose confidence, and the UK’s industrial capability is gradually eroded. The UK will continue to require oil and gas throughout the energy transition. The choice is whether that demand is met by lower-emissions domestic production, supporting British jobs and investment, or by importing energy from overseas with a higher carbon footprint.
Jackdaw and Rosebank: economic value and jobs
According to Splash247, the chamber said evidence submitted by the project operators shows Jackdaw gas would be significantly less carbon-intensive than imported LNG, while Rosebank's production emissions are expected to be substantially below the global average for oil production. Borthwick said the two projects represent almost £29bn ($39bn) of economic value, 3,500 construction jobs, sustain around 880 long-term operational roles, create more than 125 apprenticeships, and generate approximately £1.4bn ($1.9bn) in tax revenues during the current parliament. The figures are summarised below:
| Metric | Value |
|---|---|
| Economic value | almost £29bn ($39bn) |
| Construction jobs | 3,500 |
| Long-term operational roles | around 880 |
| Apprenticeships | more than 125 |
| Tax revenues during current parliament | approximately £1.4bn ($1.9bn) |
Call for stable fiscal framework
Borthwick also cited AGCC's Energy Transition Survey, which found that 93% of businesses believe there remains a future for the North Sea if the right fiscal and regulatory framework is in place. He noted the prime minister has spoken about taking a pragmatic approach to the North Sea, and argued it is time to demonstrate that pragmatism through timely, evidence-based decisions on Jackdaw and Rosebank, replacing the Energy Profits Levy with the promised Oil & Gas Revenue Levy, and restoring a stable long-term investment environment.
AGCC's submission warns that prolonged policy uncertainty risks driving investment elsewhere and eroding the UK's industrial capability, according to Splash247. With BP now seeking a buyer for its North Sea business, the OPRED environmental assessments of Jackdaw and Rosebank carry direct implications for the future of oil and gas production on the UK Continental Shelf, the chamber said.
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