Energy and Environment

Ignore oil alarmism


In the Media

IEA research featured in The Daily Express

Andy Mayer writes for CapX

IEA Energy Analyst Andy Mayer has written for CapX criticising ‘shrill hysteria’ over the decision to greenlight new oil drilling west of the Shetland Islands.

Andy wrote:

“The mundane reality is that Rosebank might, from 2025, produce enough oil to satisfy 5-8% of UK domestic demand. About 300m barrels over the lifetime of the field, or 3-4 days of global demand. It is estimated to provide a £6-8bn benefit to the UK economy, potentially creating 1,600-2000 jobs.

“The oil produced on average will generate 140m tonnes of CO2, or 0.3% of global emissions in 2019, or about 0.008% of the man-made emissions since 1850, which in turn have contributed to an estimated 1 degree celsius of global warming. In climate terms, Rosebank is a rounding error, and potentially may have no incremental impact at all. Final emissions depend on demand for fossil fuels, not supply.”

Read Andy’s full piece here.