It is believed the new oil field could create up to 1,600 new jobs.
Following a number of delays, The Rosebank oil field has been granted development and production consent by the North Sea Transition Authority.
The Rosebank field lies north-west of Shetland. An NSTA spokesperson said: "We have today approved the Rosebank Field Development Plan which allows the owners to proceed with their project. Ithaca said Rosebank would underpin £8.1 billion of direct investment in Britain, supporting up to 1,600 jobs during construction. First production is expected in 2026-27.Gilad Myerson, Executive Chairman, Ithaca Energy, commented: “We are delighted to announce the decision to move forward with the Rosebank development alongside Equinor.
However, campaigners from Greenpeace have slammed the move, with Philip Evans saying: "Rishi Sunak has proven once and for all that he puts the profits of oil companies above everyday people. We know that relying on fossil fuels is terrible for our energy security, the cost of living, and the climate. Our sky-high bills and recent extreme weather have shown us that.
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