Growing pressure on Equinor to break ties with Ithaca Energy

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Equinor’s partner on the Rosebank oil field, Ithaca Energy, is majority-owned by a company listed on a UN database of companies operating in Israel’s West Bank settlements. These are considered illegal under international law. Climate and human rights campaigners have been calling on Equinor to end the partnership with Ithaca Energy and cancel Rosebank following media reports of the huge consequences the field could have on human rights and international law.

Rosebank could send huge profits to Delek Group

New analysis by WWF-Norway, based on data from Rystad Energy, shows how the Rosebank oil field could generate millions in revenue for Delek Group, thereby contributing to financing and maintaining illegal Israeli settlements.

The analysis shows how:

• The total revenue from Rosebank (phase 1 and 2) is projected at $3.403 billion dollars (£2.577 billion GBP).
• Ithaca Energy owns 20% of the Rosebank oil field. Delek Group controls 88.55% of Ithaca's shares.
• Delek Group’s expected revenue from the Rosebank oil field could therefore be $602 million USD (£455 million GBP).
• In April, Ithaca announced a potential merger with Italian oil giant ENI. Even if this goes ahead, Delek Group would keep majority-control of Ithaca (52.7% of shares) and receive $358 million USD (£271 million GBP) in revenue from Rosebank.

Recent reports in Norwegian and UK media also show how Delek Group supplies the Israeli military with fuel. This has sparked huge controversy in Norway including from the political opposition calling on the Norwegian Trade Minister to intervene.

The Rosebank oil field must be stopped

Rosebank is a proposed oil field off the coast of Scotland in the UK. It is the biggest undeveloped oil field in the British North Sea and could produce more emissions than the world’s 28 low-income countries do in a year, combined. In addition, Rosebank could pose a serious threat to biodiversity and marine life. Analysis suggests that a major oil spil from Rosebank could reach as much as 16 marine protected areas, and cause serious harm to the Faroe-Shetland Sponge Belt Marine Protected Area, home to habitats and marine species that exist nowhere else in UK waters.

Thousands of people across the UK have joined the movement to stop the Rosebank oil field.

Following the UK government’s announcement that it won’t be defending the approval of Rosebank in court, we’re closer than ever to stopping this climate wrecking oil field for good. Here’s how you can help:

• Read more about the Rosebank oil field here.
• Sign the petition against Equinor’s partnership with Ithaca Energy here.
• Pledge your support to the court case against the approval of Rosebank here.
• Based in the UK? Get involved in the campaigns against the Rosebank oil field and the Peterhead power station here.