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The UK’s largest untapped oil and gas field has been given the green light by the regulator, amid warnings about the climate damage of new fossil fuel projects.

Norwegian state oil giant Equinor expects to pump 325 million barrels of oil from Rosebank, 80 miles west of Shetland, from 2027.

The UK government says more oil will add to energy security, although the majority will likely be exported.

It is the UK’s last major undeveloped oil site, three times the size of the controversial Cambo oil field, which was the subject of huge, high-profile protests in 2021 before being paused last year.

The contentious decision is one part of a broader row over whether the UK should continue to develop new oil and gas fields, with Labour pledging to end North Sea exploration.

Energy Security Secretary Claire Coutinho said although the government is investing in renewable power, “we will need oil and gas as part of that mix on the path to net zero and so it makes sense to use our own supplies”.

Green Party MP Caroline Lucas called the decision “morally obscene”.

She said energy security and cheaper bills would be better achieved by “upscaling abundant and affordable renewables, and properly insulating the nation – ensuring clean air and water, thriving nature and wildlife, and high-quality skilled and stable jobs in the process.”

Tessa Khan, executive director of campaign group Uplift, said: “We are teetering on the edge of surpassing 1.5Cof warming – a limit agreed on by world leaders and essential to ensuring a habitable planet.

Yet the government allows companies like Equinor to “blow through” pollution targets “for the sake of profit.”

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Labour: ‘We don’t support Rosebank’

Rosebank’s “immense size, its location relative to marine protected areas, and the threat it poses to the climate have made it a lightning rod for criticism”, she told Sky News.

Project owners Equinor and Ithaca Energy expect Rosebank to bring £8.1bn in direct investment to the UK economy.

A spokesperson for the regulator, the North Sea Transition Authority (NSTA), said its decision had been made “in accordance with our published guidance and taking net zero considerations into account throughout the project’s lifecycle”.

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Does the world need more oil?

The government recently doubled down on its commitment to hand out further oil and gas licenses for the North Sea, insisting they are compatible with climate targets and could provide greener, local sources of fuel.

A Labour government would stop issuing new licences – a radical move that has drawn fury from unions.

The leading global climate science authority the IPCC, and the world’s foremost energy agency, the IEA, say no new oil and gas projects can go ahead if the world is to limit warming to internationally agreed safer limits.

However, the IEA also forecasts global demand for oil to keep growing until at least 2028, and some fear cutting supply before supply falls could push up prices.

The UK’s climate advisers, the CCC, expect the country to need some oil until at least 2050. However, around 80% of oil produced in the UK is exported.

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Starmer’s new oil and gas plans

Campaigners estimate that burning through that amount of oil would generate more CO2 emissions than 28 low-income countries produce in a year.

Emissions just from getting the oil out of the ground at Rosebank, before it has even been burned, would be enough to blow the rest of the emissions the UK has budgeted for from oil and gas production, according to analysis by Uplift.

The NSTA says it makes a holistic assessment of the impact of any project and the government argues that local production is greener.

The CCC says the impact on global emissions of new UK oil and gas extraction is “not clear-cut”.

Equinor says the oil will be much greener than the average for the North Sea, at 12kg CO2 a barrel vs approximately 20kg CO2 a barrel, which could fall to 3kg if it successfully electrifies operations later on.

Its spokesperson Ola Morten Aanestad said: “Equinor has a net zero plan that is in line with the Paris Agreement. There’s no scenario that anybody has produced that says in 2050 there would be absolutely no need for oil and gas.”

Watch The Climate Show with Tom Heap on Saturday and Sunday at 3pm and 7.30pm on Sky News, on the Sky News website and app, and on YouTube and Twitter.

The show investigates how global warming is changing our landscape and highlights solutions to the crisis.

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Ministers to kick off hunt for successor to Ofcom chair Lord Grade

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Ministers to kick off hunt for successor to Ofcom chair Lord Grade

Ministers are to kick off the hunt for a new chair of the communications regulator as Lord Grade of Yarmouth prepares to bow out after a single term at the helm.

Sky News has learnt that the Department for Science, Innovation and Technology (DSIT) – which now leads oversight of Ofcom in Whitehall – is drawing up proposals to launch a recruitment process in the coming months.

Lord Grade, the veteran broadcast executive who held senior posts at the BBC, ITV and Channel 4, has served as Ofcom chair since May 2022.

His four-year term is not due to end for another 11 months, and there was no suggestion this weekend that he would leave the role ahead of that point.

Insiders said, however, that there was little prospect of him seeking to be reappointed for a second term in the job.

The now non-affiliated peer’s appointment to the post in 2022 came after a controversial recruitment process and was signed off by Nadine Dorries, the then Tory culture secretary.

Responsibility for Ofcom board appointments has switched since then from the Department for Culture, Media and Sport.

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Peter Kyle, the science secretary, authorised the recruitment of Tamara Ingram, an advertising industry stalwart, as Ofcom’s deputy chair, last November.

The search for a new Ofcom chair will come after a significant extension of its remit to encompass areas such as online harms.

Both DCMS, which has responsibility for the media industry, and the Department for Business and Trade also have substantial engagement with Ofcom.

As well as a role in appointing directors to the board of state-owned Channel 4, which is hunting both a chair and chief executive, Ofcom regulates companies such as Royal Mail, as well as the BBC.

This week, the watchdog said it was pursuing action against the formerly publicly owned postal services company over its failure to hit statutory delivery targets.

Ofcom also regulates the UK telecoms industry, making it one of the largest economic regulators in Britain.

Mr Kyle said this week that Ofcom should also prepare to be given regulatory oversight of the fast-growing data centre industry.

One of the tasks of Lord Grade’s successor is likely to be long-term executive leadership succession planning.

Dame Melanie Dawes, Ofcom’s chief executive, has held the role since 2020, although there is no indication that she intends to step down in the short term.

It was unclear this weekend whether any of Ofcom’s existing board members might seek to take over from Lord Grade.

Its slate of non-executive directors includes recently appointed Lord Allan of Hallam, a former MP, and Ben Verwaayen, the former BT Group chief executive.

Mr Verwaayen is due to step down from the Ofcom board at the end of the year.

The hunt for Ofcom’s next chair will come amid a push led by Sir Keir Starmer and Rachel Reeves to shake up Britain’s economic regulators as they seek ways to remove red tape from the private sector.

DSIT has been contacted for comment, while Ofcom declined to comment.

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‘Absolutely gutted’: £16,500 Glastonbury packages won’t be fulfilled after company goes bust

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'Absolutely gutted': £16,500 Glastonbury packages won't be fulfilled after company goes bust

Glastonbury ticket holders have been left thousands of pounds out of pocket after a luxury glamping company went bust.

Festival-goers who booked their tickets and accommodation with Yurtel have been told the company can no longer fulfil its orders and has ceased trading with immediate effect.

Money: Read all the latest news here

Some had spent more than £16,500 through Yurtel, with hospitality packages starting at £10,000.

In an email, Yurtel said it was unable to provide customers with any refunds, advising them to go through a third party to claim back the money once the liquidation process had started.

To add insult to injury, customers found out that Yurtel had failed to purchase the tickets for the 25 -29 June festival that they thought had been booked as part of their packages.

In a letter to customers, Yurtel’s founder Mickey Luke said: “I am deeply sorry that you have received this devastating news and am writing to apologise.

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“Yurtel is a hospitality business who pride themselves on looking after our customers, delivering a unique product and striving to create a better client experience year on year. Due to a culmination of factors over the past years, we have failed to be able to continue to do so and are heartbroken.”

The Money blog has contacted Yurtel to see if the business has anything to add.

Several people have also reported that they were unable to pay by credit card at the time of booking, with the company instead asking for a bank transfer.

This means they are unable to use chargeback to get a refund. You can read more about that here

The crowd watch soul singer Diana Ross fill the Sunday teatime legends slot on the Pyramid Stage during the Glastonbury Festival at Worthy Farm in Somerset. Picture date: Sunday June 26, 2022.
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Pic: PA

‘I feel really ripped off’

One of those customers was Lydia, who told Money she was “absolutely gutted” after spending thousands.

This year’s festival was “really important” to her as she was forced to miss out last year despite having tickets due to a health issue that left her needing an operation.

“We tried to get Glastonbury tickets through the normal kind of route and couldn’t get them,” the accountant said.

She ended up booking with Yurtel in November, sending over all the funds a month later.

“It’s super expensive. It was really, really important to us. Last year was gutting with the surgery and the whole situation around that was very traumatic, so it was a very special thing to then get the opportunity to go this year. It’s really gutting,” she said.

“I feel really ripped off and I’m really disappointed in the festival, to be honest. I think that response is just pretty rubbish.”

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Yurtel did not pay for festival tickets, Glastonbury says

Glastonbury said Yurtel was one of a small number of campsites local to the festival site – Worthy Farm – with limited access to purchase hospitality tickets for their guests in certain circumstances.

But, it had not paid for any tickets for the 2025 festival before going into liquidation, and so no tickets were secured for its guests, it added. Every year, Glastonbury’s website says that ticketing firm See Tickets is the only official source for buying tickets for the festival.

“As such we have no records of their bookings and are unable to take any responsibility for the services and the facilities they offer,” the festival said.

“Anyone who has paid Yurtel for a package including Glastonbury 2025 tickets will need to pursue any potential recompense available from them via the liquidation process as outlined in their communication to you.

“We are not able to incur the cost or responsibility of their loss or replacement.”

Instead, the festival has urged Yurtel customers to contact Yurtel@btguk.com to confirm their consent for personal data and details of their party to be shared with Glastonbury.

“We will then be able to provide details of alternative potential sources for those customers to purchase tickets and accommodation for this year’s festival,” the festival added.

‘Only option’ on offer is ‘pretty weak’

Lydia said she agreed for her details to be passed on to Glastonbury, and the festival has told her the only option is to pay for the tickets again from another provider.

“They are not giving us the opportunity to buy the tickets at face value. We would then have to go again and spend another stupidly unreasonable amount of money to be able to go. It’s pretty disappointing,” she added.

“It’s pretty weak that the only option they’re giving people who’ve already lost out on huge amounts of money is to go and spend huge amounts more money.”

It’s left her feeling like she won’t go to the festival this year – and she’s not hopeful about getting her money back.

She said: “To be honest, I just don’t think I can afford it.

“It’s already so much money wasted, and I’m not at all optimistic we’ll get anything back.”

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Federal judges rule Trump tariffs can stay in place for now – as president rages at trade court’s ‘country threatening decision’

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Federal judges rule Trump tariffs can stay in place for now - as president rages at trade court's 'country threatening decision'

A federal appeals court has ruled that Donald Trump’s sweeping international tariffs can remain in place for now, a day after three judges ruled the president exceeded his authority.

The Court of Appeals for the Federal Circuit (CAFC) has allowed the president to temporarily continue collecting tariffs under emergency legislation while it considers the government’s appeal.

It comes after the Court of International Trade blocked the additional taxes on foreign-made goods after its three-judge panel ruled that the Constitution gives Congress the power to levy taxes and tariffs – not the president.

The judges also ruled Mr Trump exceeded his authority by invoking the 1977 International Emergency Economic Powers Act.

The CAFC said the lower trade court and the Trump administration must respond by 5 June and 9 June, respectively.

Trump calls trade court ‘backroom hustlers’

Posting on Truth Social, Mr Trump said the trade court’s ruling was a “horrible, Country threatening decision,” and said he hopes the Supreme Court would reverse it “QUICKLY and DECISIVELY”.

After calling into question the appointment of the three judges, and suggesting the ruling was based on “purely a hatred of ‘TRUMP’,” he added: “Backroom ‘hustlers’ must not be allowed to destroy our Nation!

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Trump asked about ‘taco trade’

“The horrific decision stated that I would have to get the approval of Congress for these Tariffs. In other words, hundreds of politicians would sit around D.C. for weeks, and even months, trying to come to a conclusion as to what to charge other Countries that are treating us unfairly.

“If allowed to stand, this would completely destroy Presidential Power — The Presidency would never be the same!”

The US president unveiled the controversial measures on “Liberation Day” in April, which included a 10% tariff on UK imports and caused aggressive sell-offs in the stock market.

Mr Trump argued he invoked the decades-old law to collect international tariffs because it was a “national emergency”.

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From April: ‘This is Liberation Day’

Tariffs ‘direct threat’ to business – Schwab

The trade court ruling marked the latest legal challenge to the tariffs, and related to a case brought on behalf of five small businesses that import goods from other countries.

Jeffrey Schwab, senior counsel for the Liberty Justice Center – a nonprofit representing the five firms – said the appeal court would ultimately agree that the tariffs posed “a direct threat to the very survival of these businesses”.

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US treasury secretary Scott Bessent also told Fox News on Thursday that the initial ruling had not interfered with trade deal negotiations with partners.

He said that countries “are coming to us in good faith” and “we’ve seen no change in their attitude in the past 48 hours,” before saying he would meet with a Japanese delegation in Washington on Friday.

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