Equinor and Ithaca Energy have made an investment decision to proceed with the Rosebank development on the UK Continental Shelf, investing USD 3.8bn in the first phase.

The North Sea Transition Authority (NSTA) granted permission to develop the field on Sept. 27, Equinor says in a statement on Wednesday.

”The development of the Rosebank field will enable us to strengthen our position as a broad energy partner for the UK, while optimizing our oil and gas portfolio and increasing energy supply in Europe. Rosebank gives us the opportunity to develop a field on the UK Continental Shelf that will bring significant benefits to Scotland and the rest of the UK,” says Geir Tungesvik, Executive Vice President Projects, Drilling and Procurement at Equinor, in the announcement.